In previous crises, but also during the pandemic period, the ECB resorted to extraordinary, less conventional, measures, as monetary policy interest rates had reached historically low levels. Let me remind you that the current ECB interest rate levels have been zero since March 2016 for major refinancing operations and from June 2014 negative levels for deposits held by credit institutions with national central banks.
The combination of measures taken was particularly successful, as they played a key role in increasing inflation and economic growth, from the very low levels that had been formed. These measures continue to be implemented to date in order to boost economic growth and support the stabilization of inflation at levels consistent with the target.