At that time, requests for aid from states, the so-called “letter of intent”, were pre-written by IMF staff, but then sent by these countries to the IMF as their own letters. Even though the content was the outcome of discussions, that was, of course, somewhat strange. But the IMF gave that money and imposed the conditions, so that was the understanding of “ownership” then.
Long-term inflation expectations in the euro area, whether based on surveys or extracted from financial indicators, have been and continue to be firmly anchored at levels consistent with our definition of price stability. Conclusions More than ever, in the present very demanding circumstances, confidence is key. The global economy was hit in mid-September 2008 by an unprecedented sudden loss of confidence.