The scope of nonstandard measures that the ECB has used so far has to be explained as they are clearly delimited: they aim to ensure that dysfunctions in some financial market segments do not lead to severe disruptions in the monetary policy transmission mechanism, which could compromise our capacity to ultimately affect prices through our interest rate decisions.
Carlos da Silva Costa: Opening remarks – "Conference on Financial Stability" Opening remarks by Mr Carlos da Silva Costa, Governor of the Bank of Portugal, at the Bank of Portugal Conference on Financial Stability, Lisbon, 17 October 2017.