By Jens Weidmann
Ten years ago, almost to the day, I gave my first speech at the EBC. Back then, we were dealing with the
aftermath of the global financial crisis, and the sovereign debt crisis was shaking the euro area to its very
foundations. To prevent the situation from coming to a head, policymakers granted joint assistance loans to
financially distressed Member States. The Eurosystem also stepped in, taking on the role of a ‘crisis response unit’
and buying governments and parliaments time for reforms.