*  *  *  It is a pleasure for me to share with you some thoughts on the topic of this conference. Let me start with a word of caution. I think we are not yet in a position to draw firm lessons.
The final verdict on many aspects of the crisis and the way policy-makers, including central bankers, reacted to it – both globally and in their respective jurisdictions – is still out. Therefore, somewhat less ambitiously, please allow me to offer some remarks on the conference topic.