•  And what will the crisis mean for the way central banks do their jobs? Let me take those questions in turn. Why was the latest crisis so severe? There have been many “post mortem” efforts to analyse the causes of the GFC and the severity of its effects.1 Generally speaking, they focus on two lines of explanation.
I am very pleased to be here today with such a distinguished group of European officials to speak about the monetary adventure that commenced in Europe earlier this year. These are challenging days for policymakers, with or without a new currency to worry about. Our task today is to celebrate and speculate.