4  Current money market distortions and measures against it  4.1  The need of a well-functioning money market  Since August 2007 financial market turbulences have had a strong impact on the money market – not only in the euro area but in nearly all important currency areas in the world.
Such anchoring is indispensable to supporting sustainable growth and employment and contributing to financial stability. The financial system and individual institutions within it must act now to ensure that a future removal of central bank support can be managed without painful “withdrawal symptoms”.