I have been off the case, but thankfully Izzy has not. She confirms that all of the ECB were about collateral crunch fears and concerns that it no longer had control over monetary policy.

Finally — and this is the clincher we feel — the measures as a whole were designed to give the ECB back some control of interest rates in private collateralised funding markets, which are now veering off official policy course:

Overall, all measures mentioned aim to ensure enhanced access of the banking sector to liquidity and facilitate the functioning of the euro area money market, thereby avoiding severe limitations to the real economy from a lack of financing possibilities. This also helps ensure that the official interest rates set by the ECB are transmitted in an appropriate way to the economy, and in that way help maintaining price stability in the medium term.

If that’s not a clue to the fact that the ECB is worried about losing control of transmission mechanisms, we don’t know what is.