The crisis measures of the ECB have accordingly acted on the horizontal, vertical and spatial transmission impairments of monetary policy. Most importantly, our measures have prevented catastrophic outcomes for the euro area economy. And these outcomes would have had the biggest impact on the weakest in society.
Does all this – as the conference title asks – imply a changing role for central banks in macroeconomic stabilisation? The answer is no. Monetary policy should aim at preserving price stability, the primary mandate given to us by the EU Treaty. With regard to the objective, there are no differences between monetary policy in normal and crisis times.