The ECB’s money market operations during the financial market turmoil  As the market tensions spread from the US sub-prime mortgage market through the market for structured finance products and for asset-backed commercial paper to European money markets, how did the ECB react?
I am happy to tell you that many of the positive trends that we saw then have continued. Sources of economic growth have broadened across sectors and regions, and the process of adjustment to the oil price shock is essentially complete. The Bank raised its policy interest rate twice since our last visit, in July and September.