We were and remain determined to protect the euro. We are thus proud to take on this new role and committed to fulfilling the high expectations. It was nevertheless a major organisational challenge to get the SSM up and running in only one year, whilst also conducting the comprehensive assessment. Together, we have successfully accomplished this task.
Learning the lessons of the global financial crisis, governments and central banks have launched an unprecedented monetary and fiscal stimulus to support the real economy and avoid a credit crunch. 2. A globally symmetric crisis calls for a globally coordinated policy response. It is a symmetric crisis in a global scale, affecting both advanced economies and emerging and developing countries.