These measures have been entirely in line with the ECB’s primary mandate of medium-term price stability. Contrary to what is sometimes said, this objective has in no way constrained our ability to act and support the euro area economy at a time of crisis, when downward pressures on prices have appeared.
These measures will however be efficient only if banks pass on to their clients the favourable financing conditions (in terms of price and quantity). The priority is to re-establish trust in the strength of the European banking sector and its capacity to finance the economy.