Between 2007 and 2013, facing elevated pressures in several financial market segments as well as contracting economic activity, the ECB’s Governing Council adopted forceful and timely standard and non-standard measures. Against the backdrop of the wealth of the Eurosystem measures taken in  2  4  There also was the Benelux Union signed in 1949 between Belgium, the Netherlands and Luxembourg.
BIS central bankers’ speeches  response to the financial crisis, I will focus on the current euro area challenges from a monetary policy perspective and the measures taken by the Eurosystem since 2014.