Once this monetary policy stance is decided, we have the responsibility to pave the way for the proper functioning of the money market. These two responsibilities are clearly separated and this has been well understood by market participants. - To solve the consequences of the subprime turmoil, did the ECB inject more liquidity than the US monetary authorities?
Why are Europe’s monetary authorities the main ones to act to get out of a crisis that is first and foremost American? In general, do you have any problems of cooperation with the US Fed? Each and every central bank has its own responsibilities, within the context of economies that are different, circumstances that are different and challenges that are not alike.