3  See my intervention entitled “The Euro area and its monetary policy” at the Conference on “The ECB and its Watchers IX,” Frankfurt am Main, 7 September 2007. See also the article entitled “Monetary Policy Activism” in the November 2006 issue of the ECB Monthly Bulletin. 4  Obstfeld and Rogoff (2002), p. 503.
2  BIS Review 139/2008  We have cooperated intimately as regards the provision of liquidity in order to restore the normal functioning of interbank money markets around the world.