Monetary policy has done what had to be done for the area as a whole, aiming at guaranteeing price stability by sustaining demand; it will continue to do so in the appropriate time and manner. There is often talk about when we will commence monetary policy normalization, though not always with the necessary analytical rigour.
The crisis came with a reminder that the financial system is global, that risks in one country can quickly spread to another, and that in keeping the system and the economy safe, we have no choice but to work together.