This challenge remains unchanged, even when looking ahead, given the persistent uncertainty about the gradual recovery in economic activity in advanced countries, including the euro area, and the situation on financial markets particularly in the markets for government securities.
I would like to consider some of the challenges that central banks face at a time like the present, also drawing on the experience that we have gained in respect of similar cyclical phases. It should however be noted that this crisis, although it presents features that are similar to those in the past, is much greater in its nature and intensity.