In this evolving scenario, central banks may find it necessary to blend the traditional setting of monetary policy with some rethinking and non-traditional policy options which could include coordinated interventions, assurances of liquidity, backed by timely and credible action; emergency liquidity plans, business continuity plans and disaster management strategies.
The SMP aims to create a better functioning transmission mechanism of monetary policy to all parts of the monetary union and is in full compliance with the prohibition of monetary financing.