BIS central bankers’ speeches  3  After the intensification of the crisis in mid-September 2008, as inflationary pressures receded, in full consistency with our mandate, we decided to reduce our policy interest rate rapidly between October 2008 and May 2009, from 4.25% to 1%.
We reduced the interest rate to a level and at a pace that has not been experienced in the countries of the euro area at any time in recent history. With the benefit of hindsight, the interest rate decisions we took during the crisis have proved successful. Over the past four years we have maintained a very solid anchoring of inflation expectations.