This “prelude” was followed by a series of non-standard monetary policy measures spanning our Enhanced Credit Support that started after the demise of Lehman Brothers in September 2008 and our Securities Markets Programme when the financial crisis turned into a sovereign debt crisis in May 2010.
I wish to discuss two fundamental issues related to such non-standard monetary policy before I give a more detailed account of several of the adopted measures. I have just emphasised that inflation expectations have remained well anchored over the crisis period, in line with our objective of price stability.