Throughout the period of financial market turmoil, and since the very first hours of the start of the money market turbulences, the ECB has promptly communicated to the market its liquidity policy intentions and explained its actions.
This means that it is all the more important for the central bank to have in hand adequate information from microperspectives, in order to pursue macro-prudential policy in an effective manner. Here liquidity issues should also be duly emphasized. Financial crises usually break out as liquidity crises.