Moreover, it adopted additional safeguards against moral hazard, such as the explicit conditionality attached to our recently announced Outright Monetary Transactions. At the same time, we have used and will continue to use our influence to ensure that the overall institutional architecture of Economic and Monetary Union (EMU) becomes incentivecompatible, also beyond monetary policy.
Monetary policy during the global financial crisis Let me elaborate on the ECB’s response in the different phases of the crisis, starting with the global phase before the crisis became combined with a sovereign debt crisis in some euro area countries.