I should also emphasise that throughout this episode and the related money market operations, the ECB and the Eurosystem have been in close contact with other central banks in the world, notably the Federal Reserve System.
While each monetary authority took decisions to attain its own objectives and in line with its own assessment and operational framework, it is unquestionable that this liquidity squeeze which had manifestly global dimensions called for a response with commensurately global cooperation. Did the actions of the ECB and other central banks accomplish what had been intended?