There was extraordinary uncertainty at the time about the economic outlook and strong evidence that upside risks to price stability had diminished at the global level. The coordinated cut addressed the need to respond to a common shock that was being transmitted around the globe almost simultaneously.
*  *  *  Ladies and gentlemen, Institutional anniversaries such as the one today are the right time to look back at what has been achieved and to ask ourselves if we have managed to preserve the fundamental values of our society and state.