The ECB’s non-standard measures, as described below, have limited the risk of negative feedback loops at country level within the euro area, arising in particular from the tight link between the creditworthiness of banks and of sovereigns, and more recently from the unjustified perception of a risk of euro break-up.
To this extent, monetary policy has helped cushion the impact on the crisis on the less well-off households in jurisdictions under financial stress. Price stability and economic stability: the role of ECB measures There is a broader point on the relationship between monetary policy and the fight against poverty, a point that I would like to stress now.