Third, I trust that in all circumstances, but even more particularly in demanding times of significant market correction and turbulences, it is the responsibility of the Central Bank to solidly anchor inflation expectations to avoid additional volatility in already highly volatile markets.
Also important is for the Central Bank to ensure an orderly functioning of the money markets at the level of interest rates required for anchoring the inflation expectations. It is what the ECB has been doing since the beginning of the turbulences, namely since the beginning of August last year. I thank you for your attention. BIS Review 9/2008  5