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。與其它地區央行一樣，爲了應對金融危機、緩和其對經濟的衝擊，歐洲央行(ECB)也出臺了非常規措施，我稱之爲「增強的信貸支持」。這些舉措抑制了危機對歐元區金融體系穩定性的威脅，在僅憑降息方式所能實現的信貸流動基礎上，維繫了其它面向企業和家庭的信貸流動。
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