Inflation expectations held firm even at the height of the crisis, allowing us to take action to keep the markets working, support lending and avert the collapse of the economy. Money market rates were reduced to close to zero; exceptional liquidity creation measures were adopted. Without the Union, simply coordinating national decisions would not have produced such rapid and effective results.
Some countries, including our own, could have been overcome by the crisis. But the credibility we have earned will not necessarily last for ever; we have to remain vigilant in safeguarding price stability.