The ECB sterilizes these interventions, which do not finance public deficits. Its independence is not in question. These measures will have to be discontinued as quickly as possible, as soon as the markets spontaneously resume trading of the securities of the countries involved.
A robust and responsible subprime mortgage market benefits consumers by allowing borrowers with blemished or limited credit histories to become homeowners, access the equity in their homes, or have the flexibility to refinance their loans as needed. In this task we have several tools at our disposal.