We were one of the first central banks to react, when the financial markets became abruptly turbulent, in August 2007, taking action swiftly. Dysfunctional financial markets threatened to compromise our ability to guide the outlook for price stability by using only our conventional instrument – interest rates.
Faced with this situation, over the years that followed, we have implemented a number of unconventional measures to ensure that our decisions on interest rates are transmitted to the whole economy, despite the problems observed in the financial sector and capital markets.