*  *  *  Ladies and gentlemen, I would like to thank the organisers for inviting me today to talk about the ECB’s policy actions in these times of truly unprecedented challenges – for our financial system, for the businesses large and small that drive our economy and for the citizens of Spain, the euro area and beyond.
2  Disaggregated numbers are at Annex Table - 2. 2  BIS central bankers’ speeches  Chart 2: Share of Global GDP (at current $ prices) (Percentage)  By all accounts, the world has recovered from the financial meltdown and the follow on recession much sooner than we had feared at the depth of the crisis.