Central banks’ response to the crisis  Let me now turn to the first topic you asked me to address, the measures taken by central banks around the world in response to the global financial crisis. In a nutshell, I consider those actions to have been bold, forward-looking yet historically informed, drawing appropriate lessons from financial crises of the 20th century.
Central banks have cooperated very closely during the crisis: through an important coordinated interest rate cut in October 2008; provision of swap lines; continuous information exchange; and overall actions that have been mutually consistent. In particular, the overriding objective of medium-term price stability has never been lost from sight.