Yes, about a year ago we had the emerging markets shock. Then a high downside risk to the world economy emerged and the G20 member countries signalled in a statement that they would use all the tools at their disposal to support the economy.
In the United States, the Federal Reserve halted its rate rises, and in the euro area, the Governing Council of the European Central Bank decided to add further monetary accommodation. This coordinated reaction was very effective globally. In the euro area the economy is now gaining momentum. This improvement is very visible in confidence indicators but still needs to be confirmed in hard data.