Last but not least, the ECB has been addressing the severe and persistent disinflationary forces in the euro area economy with a broad set of non-standard measures. To a great extent, these measures have helped to improve financial conditions and boost the recovery in the euro area. Macroprudential policy tools are also now available to secure financial stability. 3.
However, there are many who have been aware for a while now that whereas the system in general is likely to absorb and survive the effects of crisis, the effects vary from bank to bank.