Reductions in the main policy rates have served to counteract acute downside risks to price stability. Non-standard measures have addressed impairments to monetary transmission channels, thereby complementing changes in policy rates when highly dysfunctional and perturbed market conditions impeded their effectiveness.
To preserve our primary objective to ensure price stability, these non-standard measures are temporary and will be withdrawn if upward pressures to price stability materialise. 4. The way forward and conclusions  However, the ECB’s exceptional measures should not distract from the fundamental causes of the crisis and the adjustments needed in the fiscal, structural and financial domains.