The third aspect that characterizes the current crisis is the simultaneity of the events taking place in many different markets, as well as in economies as diverse as Germany, Korea and Mexico. The trigger of the crisis may have been the bursting of the housing bubble in the U.S.
We are closely monitoring changes in the markets, whilst also making sure that we do not lose sight of monetary policy’s big picture: price stability. Price stability will remain our anchor – irrespective of old or new normal. Thank you for your attention. 1 Forward guidance is one of the ECB’s methods for communicating the longer-term orientation of monetary  policy.