José Manuel González-Páramo: “Whither liquidity? Developments, policies and challenges” Speech by Mr José Manuel González-Páramo, Member of the Executive Board of the European Central Bank, at the 28th Nomura Central Bankers Seminar, Tokyo, 14 April 2008. * 1. *  *  Introduction 1  Ladies and Gentlemen, It is a great pleasure for me to be here in Tokyo.
I would like to thank the organisers of this important event, the 28th Nomura Central Bankers Seminar, for giving me the opportunity to share with such a distinguished audience some considerations about the role of liquidity in the recent market turmoil. The current turmoil in financial markets has been to a very large extent about “liquidity”.