BIS central bankers’ speeches  1  While we conducted our non-standard measures with clear objectives, designing them in “real time” confronted us with challenging tasks. Making an exhaustive list of the issues that have kept us so busy since 2007 would be too long, so let me mention three essential challenges: First, while non-standard measures address market dysfunctions, they can have undesirable side-effects.
Let me give you an example. In the money market, the ECB had to take a greater role of intermediation as the market became fragmented. One can summarise our actions in this market since 2007 as an attempt to preserve a delicate balance between central bank intermediation and market reactivation.