It is also a time in which the tasks and responsibilities of central banks have evolved to such an extent that they bear little resemblance to those of a century and half ago. Since then historical, political and technological developments as well as advances in economic theory have caused the role of the central bank to evolve and mature.
Twelve months on, in part thanks to the measures that we took at that time 2 (and disproving the policy sceptics), macroeconomic conditions have improved and the euro area has been a major source of positive news. Fears of deflation have receded.