Despite these favourable developments, it is important that monetary policy BIS Review 91/1999  4  takes into account that the ratio of the money supply to gross domestic product was still very high at 53.5% in the second quarter of 1999. All in all, the financial markets have rallied remarkably during 1999.
In line with this, the European Central Bank has, as have many other monetary authorities around the globe, adopted several of these non-standard measures in an effort to combat a potential market breakdown and I think it is fair to say that their success in unquestionable.