6 Indeed, past financial disturbances and crises have often had an international dimension and cross-border financial contagion is certainly “no new thing under the sun”. However, a number of factors, including its speed of transmission and scope, set the current episode of turmoil apart from previous experiences. 4.
Policy responses  Let me briefly elaborate on the actions taken by the ECB to address the financial market turbulences. In both “normal” and “turbulent” times, the primary objective of the Eurosystem’s open market operations is to keep the overnight rate as close as possible to the policy rate.