The Treaty’s safeguards ensure that this is done in full respect of the ECB’s mandate and independence. Conclusion Let me conclude by underlining that Europe’s response to the crisis thus far has not only been impressive, it has also been highly effective.
Market participants become excessively fearful that they might be confronting a previously unknown, essentially uncertain and unpredictable world. They assume the most pessimistic scenario possible and try to make the most of it. 2 What is more, market participants tend to stand on the sidelines until market confidence has been restored.