At the same time, the introduction of macroeconomic supervisory stress tests in the United States has added a forward-looking approach to assessing capital adequacy, as firms are required to hold a capital buffer sufficient to withstand a several-year period of severe economic and financial stress.
It launched the Securities Markets Programme of purchases of public securities issued by euro-area countries with a view to supporting market segments hit especially hard by the crisis; and it confirmed its commitment to supply abundant liquidity to the system. This did not imply the monetary financing of sovereign states or the creation of liquidity; the interventions were temporary and sterilized.