1 What I would like to discuss in my remarks this morning is how our measures work in achieving this. The ECB’s crisis response It is useful to briefly recall what led us to our current monetary policy stance and the particular measures the ECB has adopted to articulate it.
Since autumn 2008, the ECB has been confronted with various episodes of downside risks to price stability. In the months following the Lehman demise, those risks arose principally from the threat that the liquidity crunch in the interbank market would lead to a disorderly deleveraging of the banking sector, which would have had serious consequences for real activity and price stability.