For some analysts, no attempt should have been made to use central banking tools to address problems not conceived of in the Maastricht Treaty. But for most it was clear that central banking tools did have to be used even if this was not explicitly envisaged in the Treaty.
Although the Treaty did wish to preclude certain types of destructive action that some misguided central banks had fallen prey to historically, its drafters did not envisage that the euro area would have less of a capacity to resolve emergent problems of macroeconomic stability. The ECB had to act, but without trespassing on matters that are properly the domain of national governments.