Enhanced interaction among macro-prudential bodies, between them and the micro-prudential authorities, and between macro-prudential and monetary policy authorities will be crucial. With reference to the ECB’s Securities Market Programme, suffice it to say that developments in financial markets called for special interventions.
The programme is in line with the shared principles of European monetary policy-making and does not represent a change in the monetary policy stance. The current financial crisis has been described as valuation crisis.