The framework has secured price stability for the euro area and inflationary expectations have remained well anchored, even during the crisis. Moreover, from the start of the financial turmoil in August 2007 the ECB and the Eurosystem have proven to be very effective in implementing the policies needed – both conventional and unconventional policies.
I appreciate assistance from the members of the Board staff – including William English, Yuriy Kitsul, Jean-Philippe Laforte, Andrew Levin, David Reifschneider, and David Wilcox – who contributed to the preparation of these remarks. BIS central bankers’ speeches  1  channel to depress term premiums and longer-term interest rates.