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The Financial Crisis – Looking Back and the Way Forward

The Financial Crisis – Looking Back and the Way Forward. Gertrude Tumpel-Gugerell Member of the Executive Board of the ECB Brussels, 22 January 2009. The Financial Crisis – Looking Back and the Way Forward. Developments in financial markets Responses of the public authorities

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The Financial Crisis – Looking Back and the Way Forward

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  1. The Financial Crisis – Looking Back and the Way Forward Gertrude Tumpel-Gugerell Member of the Executive Board of the ECB Brussels, 22 January 2009

  2. The Financial Crisis – Looking Back and the Way Forward • Developments in financial markets • Responses of the public authorities • The way forward • Conclusion

  3. The Financial Crisis – Looking Back and the Way Forward • Developments in financial markets • Responses of the public authorities • The way forward • Conclusion

  4. Chart 1: Euro area stock prices Source: Thomson Financial Datastream, ECB calculations. Daily data; last observation: 16 January 2009.

  5. Chart 2: Implied stock market volatility Source: Bloomberg. Daily data; last observation: 16 January 2009; implied volatilities from stock options on DJ EURO STOXX 50.

  6. Chart 3: Corporate bond yield spreads Source: Thomson Financial Datastream, ECB calculations. Daily data; last observation: 16 January 2009.

  7. Chart 4: 3-month Euribor/OIS spread Source: Reuters, ECB calculations. Daily data; last observation: 16 January 2009.

  8. The Financial Crisis – Looking Back and the Way Forward • Developments in financial markets • Responses of the public authorities • The way forward • Conclusion

  9. Chart 5: Bank lending rates Source: ECB, De Bondt (2005) for error-correction model description, Reuters, and ECB estimations. Monthly data, now-cast for December and January based on 3-month Euribor up until 16 January 2009.

  10. The Financial Crisis – Looking Back and the Way Forward • Developments in financial markets • Responses of the public authorities • The way forward • Conclusion

  11. The Financial Crisis – Looking Back and the Way Forward • Developments in financial markets • Responses of the public authorities • The way forward • Conclusion

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