As I will explain, the ECB’s policy actions since the onset of the financial crisis have been at the same time very bold and strongly anchored in the medium-term framework of our monetary policy strategy. We were the first to act when signs of financial stress emerged back in August 2007.
We stepped forcefully into the breach when the collapse of a major financial player abroad threatened global financial stability last autumn, embarking in a full allotment mode with fixed rates for the supply of liquidity. And in recent months, we have further deepened the set of measures that we call our policy of “enhanced credit support”.