It is also necessary to eliminate the range of distortions in the goods and services markets expeditiously so that the high-cost economy may be suppressed immediately. Moreover, 2007 would be a great year to develop sectoral focus in the strategy and implementation of long-term national development, with more weight given to labour-intensive sectors with high local input.
During the financial crisis, the Eurosystem – like the central banks of other major economic regions – took unconventional monetary policy measures on an unprecedented scale. The ample provision of liquidity was effective in offsetting the consequences of the abrupt decline in market liquidity, in maintaining monetary policy transmission, and, ultimately, in helping to prevent the real economy from sliding into a prolonged depression.