They included lengthening of the maximum maturity of refinancing operations, extension of the eligible collateral list, provision of liquidity in foreign currencies, covered bond purchases, and, above all, provision of unlimited liquidity in all refinancing operations at a fixed rate. Enhanced credit support fostered a considerable improvement in market liquidity and helped to alleviate funding risks.
The measures also protected us against any possible deflationary situation and helped focus on medium-term price stability. Earlier this month, at a time when we had already exited from some of our enhanced credit support measures, we were suddenly faced with renewed market tensions. This time, they erupted in a number of segments of the euro area’s debt securities markets.