As financial market tensions adversely affected the monetary policy transmission mechanism, the Governing Council also adopted a range of non-standard monetary policy measures as of August 2011. These included the reactivation of the Securities Markets Programme, the launch of a second covered bond purchase programme and measures to provide liquidity in foreign currencies.
Furthermore, the Eurosystem decided to maintain the fixed rate full allotment procedure in all refinancing operations until at least the end of June 2012.