Le Figaro Magazine: The euro celebrated its ten-year anniversary on 1 January 2009. Without it, where would we be? Jean-Claude Trichet: The euro is evidently an advantage for those democracies that have chosen to adopt it. It has proven its stability, its resistance to shocks and its resilience in the face of financial and economic turmoil.
Increasing liquidity by having a central bank lower the federal funds rate can reduce the risk of a more severe financial crisis, but is imperfectly suited to compensate for declines in liquidity arising from retrenchment in the financial sector for long periods.