The institutional setting of the ECB, with its independence from political pressure and its mandate to preserve price stability, helped to  4  BIS Review 122/2008  rein in inflationary pressures and indirectly fostered the confidence of domestic and foreign residents in the capacity of the euro to preserve its value.
More to the point, I take issue with the word “stagnation.” The world’s policy-makers put in place measures to mitigate the damage of the crisis and prevent the worst. We have strengthened our financial architecture to protect against future crises, and the system is still adjusting. Growth has been slow, but it hasn’t been non-existent.