These low rates supported the income of indebted households and firms and were essential to shore up domestic demand. The unconventional measures taken in the area of liquidity provision were likewise fundamental to help the financial sector survive the test of a very serious market stress.
In the end, academics and analysts had to agree that the ECB and the Eurosystem had performed well and strengthened its standing as a professional central bank. In this connection, I think it is of elementary justice to single out the role played by President Trichet in leading our team throughout the turmoil.