But we also have to take into account that the decline was just as fast, and even more dramatic in the months just after the Lehman bankruptcy. Nevertheless, we cannot rule out that the recent buoyant developments in asset prices have been driven by the ample liquidity situation in financial markets. Central banks have done their job.
Ample liquidity has been made available to help the euro area economy recover. Looking ahead, and taking into account the improved conditions in financial markets, not all the liquidity measures will be needed to the same extent as in the past.