We also decided on a comprehensive set of collateral easing measures to ensure the maximum use of our liquidity facilities. We now accept a much broader set of assets as collateral, including small loans to SMEs or even self-employed workers, and we accept them at more favourable conditions.
Taken together, if we had not reacted proactively and forcefully, we would now presumably be in the middle of a severe financial crisis with devastating consequences for economic growth and employment in the euro area. Price and wage levels would probably have fallen significantly, running counter to our price stability mandate.