Exceptional times call for exceptional measures. The European Central Bank, like other central banks, has introduced non-standard measures to tackle the financial crisis and cushion its impact on the economy – what I call “enhanced credit support”. These have contained the threats to the stability of the euro area's financial system and supported the flow of credit to companies and households over and above what could be achieved through interest rate cuts alone.
非常時期需要非常手段。與其它地區(qū)央行一樣，為了應對金融危機、緩和其對經(jīng)濟的沖擊，歐洲央行(ECB)也出臺了非常規(guī)措施，我稱之為“增強的信貸支持”。這些舉措抑制了危機對歐元區(qū)金融體系穩(wěn)定性的威脅，在僅憑降息方式所能實現(xiàn)的信貸流動基礎上，維系了其它面向企業(yè)和家庭的信貸流動。
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