Speech: The financial crisis and the ECB response

Policy-makers around the globe are facing formidable challenges as the crisis, which originated within a few
blocks from here, has swept across the globe. Restoring confidence in the global financial system is of
paramount importance. The G7 and IMFC meetings last weekend, as well as the G20 meeting four weeks
ago, confirmed in my view a strong signal of reform that can provide the basis for a more resilient global
economy in the future. In my remarks, I would like to focus mainly on the ECB's response to the crisis. I will
also note, en passant, how our policy compares with those of other major central banks. Clearly, there are differences in central banks' approaches to managing the crisis. In my view, these reflect profound
differences in the economic structures within which central banks operate. But they do not reflect
conflicting views on fundamental principles. Central banks around the world are united in purpose.