The article explores how different types of credit market disturbances and non-conventional monetary policies affect the euro area economy. Credit market disruptions, like changes in bank risk-taking or securitization, have a big impact on economic activity and inflation. Surges in credit from these disruptions can boost the economy, while sudden increases in credit demand can have the opposite effect. Both traditional interest rate changes and non-standard policy actions can also influence the economy, but the effects of non-standard policies are slower and work through different channels in financial institutions. Overall, credit market disturbances play a significant role in shaping the euro area economy, affecting output and consumer prices.