•  The ECB initially reduced its interest rates by 50 basis points in a coordinated move with five other major central banks [Bank of Canada, Bank of England, the Federal Reserve, Sveriges Riksbank and the Swiss National Bank] in October 2008.
This was followed by successive reductions in the interest rates, resulting in a cut in the main refinancing rate by 325 basis points within seven months, between October 2008 and May 2009. •  In addition, the ECB adopted temporary non-standard measures in order to reduce obstacles in monetary policy transmission and to address liquidity shortfalls in the interbank market.