Real GDP in the euro area in 2019 would have been between 2.5% and 3.0% lower and employment by more than two million lower (Slide 15, middle and right-hand side). Thus these measures were not only necessary to fulfil the mandate of price stability. They also had considerable positive effects on growth and employment.
9 A key issue is to understand how and to what extent market participants who use derivatives are exposed to each other. Besides the new money market mutual fund rules that I have already mentioned, a fourth example is additional data collection on specific holdings of money funds, which has enhanced stability by providing investors with more information to better evaluate risks.