Nor does the current set-up preclude flexible and timely responses to market developments. For example, the Eurosystem was also able to respond in a cohesive manner to the conditions that prevailed in the aftermath of tragic events of September 11th. The ECB rapidly announced its willingness to support the normal functioning of markets and provide additional liquidity if needed.
We at the Central Bank played our role alongside the rest of the Eurosystem in responding to the situation. Local market participants took part in both the fine tuning operations of September 12th and 13th and in the liquidity providing dollar foreign exchange swaps. The past four years have not been without difficulties however.