We at the ECB have moved pre-emptively and forcefully to counter the adverse consequences of the financial crisis. At all times our response has been carefully calibrated to the structure of the euro area economy.
Allow me to elaborate a little on this structure, which differs significantly from the structure of the US economy in several important respects, relating to both the financial system and the real economy. First, there are profound differences in the financial structures of the euro area and the United States.