You have been involved in the design and the implementation of these measures in all phases of the recent crisis: in the early phases, the ECB mainly responded to the crisis by adjusting the timing of its liquidity provision and the lengthening of the maturity of its open market operations, which helped to stabilise short term rates in an environment of high volatility and extreme distrust.
Later on, we dealt with the design and the launch of longer-term refinancing operations, the adjustment of the collateral framework, and the various purchasing programmes that were necessary to maintain an efficient transmission mechanism of monetary policy throughout the euro area.