These measures fall in two categories: first, conventional measures in the form of interest rate changes; second, what have become known as “non-standard” measures. The latter measures taken together constitute what we call the ECB’s policy of enhanced credit support.
These are specific actions we have taken to sustain the flow of credit above and beyond what could be achieved through interest rate reductions alone. Interest rate action Before explaining in detail the core elements of our policy of enhanced credit support, I would like to talk briefly about interest rates – the conventional indicators of monetary policy.