The ECB took responsibility in the crisis and thereby helped reduce uncertainty in the financial markets and even avoid panic. In doing so, it also took the pressure off currencies like the Swiss franc. Naturally, all of this would have been much more effective if European governments had also done better with their crisis management.
But in spite of the adverse impacts of the global financial crisis on our economies, it is gratifying to note that member countries of the zone are making progress in containing the adverse impacts of the global crisis and stabilizing their economies to restore it to a path of stronger growth and poverty  BIS Review 51/2010  1  reduction.