Arguably, the operational decisions taken by the ECB during the crisis (such as the shift to fixed-rate full-allotment liquidity auctions, the extension of operation maturities well beyond the money market maturities, and the widening of the set collateral eligible to monetary policy operations) have been every bit as important as its decisions on the level of the short term interest rates.
BIS central bankers’ speeches  3  Regulatory convergence 23.