The European System of Central Banks will pursue its primary objective of maintaining price stability with determination. This should facilitate the formation of price expectations by market participants and contribute to financial stability in general. BIS Review 77/1998  -2-  This environment will be beneficial to the efficiency of savings allocation amongst the various sectors of the economy of the euro area.
The unconventional monetary measures adopted by the ECB in 2011–2012 were effective in easing tensions in government bond markets and have had a beneficial impact on credit supply and money market conditions, supporting the economy and preserving price stability in the euro area.