In my presentation today, I would like first to analyse the economic outlook and then discuss in more detail the policy measures taken in response to the crisis. I will then consider their implications and the lessons to be drawn from the crisis for central banks and monetary policy. Economic outlook a.
Global economic situation  Let me begin with the assessment of the global economic situation. The turmoil in financial markets, which was triggered by a systematic under-pricing of risk, particularly in the US subprime mortgage market, has now developed into a fully-fledged financial and economic crisis at global level.