In addition, the IMF has made efforts to raise funds globally in an effort to establish sufficient power to be able to deal with a potentially contagious crisis arising from Europe. At the G20 summit of April 2012, the IMF announced that it had raised more than $ billion, including contributions from the euro area $ billion) and Japan $ billion).
Although not all of the IMF funds will be available to Europe, it certainly reduces uncertainty related to the issue of how to handle larger countries, such as Italy and Spain, in the case of contagion. ECB monetary policy as a crisis response In response to the recent sovereign debt crisis, the ECB has adopted a series of measures since the middle of 2011.