But first, let me briefly recapitulate the argument so far. Open markets continue to be the most appropriate and efficient arrangement for allocating resources and bringing about adjustment. From this perspective, there is no real alternative to the present basis for financial intermediation, both domestic and cross-border. However, this firm belief should not blind us to the inherent vulnerabilities which characterise financial markets.
A brief review of the Eurosystem’s response to the crisis  Central banks in the euro area and in many other industrialised economies had to take bold and decisive action in order to limit the repercussions of the financial and economic crisis.