In this context, I would like to highlight the crucial role that central banks and governments from around the globe have played since the deepening of the crisis in the autumn of 2008, a period during which the strains in the financial sector started to spillover into the real economy.
Unstable financial markets prompted central banks and governments to take a number of exceptional measures beyond guaranteeing continued access to liquidity. Shortand medium-term policy objectives were not only to guarantee continued access to liquidity. In fact, policy measures also swiftly sought to deal with impaired assets as well as recapitalizing viable institutions and swiftly resolving non-viable ones.