In particular, their ability to act as lender of last resort in the financial system and to manage liquidity in the interbank market typically made them a key player in crisis management. Even in normal times, the central role of bank deposits in the stock of money makes monetary stability dependent on the soundness of the banking sector.
And third, launching a new series of targeted longer-term refinancing operations (TLTRO-III), starting in September 2019. Hence, the ECB Governing Council maintains an ample degree of monetary accommodation to support the economic expansion.