Lessons for monetary policy from the crisis Let me now turn to the most important lessons I think we can draw from the current crisis with respect to monetary policy. I would like to raise three points. First of all, the current crisis demonstrates, once again, how important it is for central banks to remain independent of political influence.
Stabilising the euro area Let me begin by reviewing the measures that have been taken to stabilise the euro area. Last year, the euro area faced difficult circumstances. Fears about extreme events were leading to severe tensions in financial markets. Borrowing costs for some governments had risen to very high levels.