The G7 central banks implemented coordinated interest rate cuts in 2008 – a sign of just how serious the situation was. Some of the hardest-hit economies, such as the United States, Europe and Japan, implemented unconventional policies to ease monetary conditions further. Without these efforts, the global economy could have fallen into a second Great Depression. We avoided that fate.
Acting And that leads me to my final point today. Building on our analysis, the ECB will act within its mandate to contribute to mitigating and averting climate change. The Eurosystem has already laid the foundations in several areas.