I would like to emphasise that the ECB was one of the first central banks in the world to react immediately, on August 9th, 2007, when we saw the first elevated tensions on the money markets.
Since then, the ECB and other major central banks in Europe and across the world have reacted promptly and consistently during the various phases of the market turbulences, in order to ensure the smooth functioning of the money market. Cooperation among central banks at the global level has been essential in this respect.