Moreover, as I said in my press conference of 5 March, we are in an ongoing process of studying further measures and assessing the possible need for them. Reviewing our actions over the past few months, there is one further point that I wish to highlight: the central bank was not alone in tackling this financial and economic crisis.
I have  BIS Review 31/2009  3  been deeply impressed by the action plan drawn up by euro area governments and the European Commission since last October within an extremely short period of time. In the past, some outside observers have questioned the euro area’s ability to act in a timely fashion in the event of a major economic emergency.