“Eurosystem” is the name we use to describe the European Central Bank and the eleven national central banks of those countries that introduced the euro on 1 January 1999. We call the geographical area defined by these eleven countries the “euro area”. The monetary policy implemented by the Eurosystem is sometimes simply called “the single monetary policy”.
Nonetheless, if some large mortgage companies fail and other firms do not step in to take their place, we could see adverse effects on credit availability. Policy Responses to the COVID-19 Crisis Against this backdrop, the massive economic shock triggered by the COVID-19 pandemic broadly tested the resilience of our financial system.