On one side are the standard measures – the interest rates – that are designed to deliver price stability, and on the other are the nonstandard measures designed to be commensurate with the degree of disruption to markets.
This is the case for all our non-standard measures: the supply of liquidity with a full allotment at fixed rate, the purchase of covered bonds and the SMP. In the case of the SMP, we consider that governments have the responsibility to ensure, individually and collectively, financial stability, which will re-establish a more correct functioning of markets.