However, it should not come as a surprise that the countries that are doing relatively well see their currencies gain value relative to those that are not doing so well. And it is this movement in exchange rates that is one of the ways in which low interest rates in the large financial centres are transmitted around the globe.
Again, in any case, putting the financial sector back on its feet and lending is the first priority. BIS Review 34/2009  3  WSJ: There remains a sentiment among some that the ECB is not as willing as other central banks to be as responsive to the economic downturn with its policy rate.