Alertness in August 2007, at the very start of global money market turbulences, when the ECB was the first central bank to take non standard measures to ensure the smooth transmission of monetary policy. At the very beginning of the financial crisis the ECB decided to stick to a strict separation principle between the “standard measures” and the “non-standard measures”.
Particularly in the past decade, the development of new financial products and the greater depth and liquidity of financial markets have enabled banking organizations to change their risk profiles more rapidly than ever before.