Three key measures have been, to start with, the reduction of policy interest rates at a rapid pace to levels close to zero, later combined with forward guidance. Next, special lending facilities were offered to meet increased liquidity demands amid the crisis. Unconventional policy has continued through the third measure, successive quantitative easing (QE) programs, aimed at supporting growth and averting low inflation.
Recovery procedures could be further speeded up by implementing the other tools offered by the new rules: the portal for public auctions (now being trialled); the online register of non-possessory liens and that of foreclosures and bankruptcy proceedings; the extension to consumers of the Marcian Pact forfeiture clause.