The quick and bold decisions taken by the Eurosystem were instrumental in containing the risk of a deep recession or even a depression. Since May last year our monetary policy delivered an average overnight rate (EONIA) of just 0.4% and a three months Euribor of 0.8%.
At the International Research Conference hosted by us, Mr John Lipsky of the IMF while focussing on the importance of finance for rapid and sustainable growth, observed, and I quote, “While some might consider this topic odd in light of the current crisis, I will seek to draw out some key lessons of recent events for the appropriate policy stance toward financial innovation.