(b)  Governance structure of banks has been strengthened, better disclosure and transparency standards have been introduced and credit ratings of banks have been made mandatory and disseminated widely to the public at large. Fit and proper criteria have been prescribed for the directors and senior managers.
The ECB’s experience is part of an emerging global consensus that central banks need to embrace new tools and frameworks: the unconventional measures put in place since the crisis, particularly if combined in a policy mix, help compensate for the reduced scope for conventional rate cuts, at least in part.