The ECB can use the argument that proper monetary policy transmission must be maintained to justify almost any policy or intervention

The proper transmission of monetary policy to the euro-zone econom ies is an important matter for the ECB, and is often raised in its publications. Ensuring the proper transmission of monetary policy to the economy in reality enables the ECB to justify almost any policy, including highly unconventional ones : Support for banks’ lending capacity, for example with its TLTROs; Control of the peripheral countries’ yield spreads; Purchases of corporate bonds and loans; And even, if the ECB wanted, purchases of equities.