A brief review of the Eurosystem’s response to the crisis  Central banks in the euro area and in many other industrialised economies had to take bold and decisive action in order to limit the repercussions of the financial and economic crisis.
On both sides of the Atlantic, the major central banks have implemented a comprehensive set of standard and non-standard measures both to guarantee the liquidity of the financial system and to counteract deflationary pressures. Nevertheless, every central bank had to tailor its response to the crisis to the specific needs of its own economy.