Although it is too early to assess the full impact of these measures, there is tentative evidence that the fast and resolute policy actions by authorities worldwide, and by central banks in 5/6  BIS central bankers' speeches  particular, have already contributed to restoring cautious confidence among professional forecasters.
In the monetary “summer gales” of those days, it was suggested at times that Germany should be relegated to the status of a spectator. But the Dutch refused to unpeg the guilder from the D-Mark. And the other member states then felt that the ERM was of no particular interest without those two.