While it is imperative, in the short term, that the current situation be stabilised, we should not lose sight of the need to maintain a medium-term orientation, to anchor expectations, and to stabilise economic conditions both domestically and globally.
2  BIS Review 17/2009  Looking at the immediate future, monetary and fiscal measures have been and are being implemented swiftly and on a large scale. Indeed, the ECB was one of the first authorities to react through appropriate monitoring of the money market when the first signs of turmoil emerged in the summer of 2007.