Some thought that monetary policy could effectively be placed on auto-pilot. I can confidently say that this time has passed. The ECB’s monetary policy in the crisis  The global financial crisis has put an end to that period in a way that has been very abrupt and certainly lasting for quite some time to come.
In this country, the outbreak of a financial crisis brings back memories that go quite far into history. In 1763, exactly 250 years ago, Amsterdam was the centre of a deep financial crisis. Highly leveraged investors were faced with a situation of falling asset prices. The rolling over of existing obligations became very difficult and the liquidity crisis became severe.