When, as is clearly the case at present, financial instability in some market segments prevents a normal functioning  3  ECB (1999), “The stability-oriented monetary policy strategy of the Eurosystem”, Monthly Bulletin (January).
BIS central bankers’ speeches  3  of the economy and of the monetary policy transmission mechanism, we must intervene to restore our capacity to ensure price stability over the medium term. The ECB interventions during the crisis have therefore been entirely consistent with the principles of our monetary policy strategy and its medium-term orientation.