This source of uncertainty is in some way more pronounced for the Eurosystem than for other central banks whose policy measures operate primarily through outright interventions in deep and liquid markets. Let me explain. One key building block of our recent policy initiative, namely the TLTROs, takes the form of credit operations.
However, in practice, one should also take into account the idiosyncratic features of central banks when compared with private financial institutions, such as the fact that their ability to issue legal tender also contributes to their resilience by guaranteeing a future stream of income.