The scope of possible actions is much larger than at the national level, the initiative to act springs from this. Within a few weeks of moving here you took your first action when you cut rates. What were those first few months like? There is a wealth of information that you have access to only from here.
Everything pointed to a situation that was spiralling downward. We had been in a crisis, then we seemed to have done slightly better by the turn of 2010. By the end of 2011, the credit flows to the private sector were dropping dramatically. The economy was already shrinking. There was also evidence of sovereign and bank contagion.