Through these measures, the ECB aimed to mitigate the risk of systemic illiquidity in the euro area banking sector and to guarantee a steady flow of banking credit to euro area households and firms. 2  BIS Review 141/2009  Impact of measures implemented by the ECB Let me start with the impact of our measures on the Eurosystem balance sheet.
Other lessons, closely related to the point I just made, are some insights about the strategy for monetary policy from the Taylor rule. Three components guide the Taylor rule prescription: the equilibrium real rate, the output gap, and the deviation of inflation from its target. Recent experience teaches us that the Taylor rule is simple in principle but complex in practice.