If the ECB hadn’t taken the measures it has taken in recent years, there would be no growth in the euro area. Inflation, according to our calculations, for what they are worth, using models developed by ECB economists, would be half a point weaker, i.e. it would be negative, with all the risks of a deflationary spiral that that entails.
BIS Review 31/2009  7  International financial institutions and countries concerned should help developing countries establish a robust early-warning system and guard against attacks from predatory speculation. International cooperation should be strengthened to improve the rescue mechanism. In case of temporary BOP difficulties in emerging markets, international rescues should be fast, and conditionalities should be kept at minimum.