It's been an icy week for share markets - the volatility top of the agenda at the World Economic Forum in Davos.
These comments in the Swiss Alps from the chief of the European Central Bank, Mario Draghi, had far-reaching implications.
"As we start the new year, downside risks have increased again amid heightened uncertainty about emerging market economies' growth prospects, volatility in financial and commodity markets and geopolitical risks."
Mr Draghi says more stimulus is coming, and that rates will be kept unchanged and at record lows, at the ECB's next rates meeting.
"The answer, as far as our monetary policy is concerned: when these market developments in this heightened volatility in financial commodity markets translates where to persist longer than in the short run, it may well become a factor, an unwanted tightening of the financing conditions. And therefore, that is one of the reasons why, as I read before, we will review and possibly reconsider our monetary policy stands in March."
Mr Draghi's statements led to a recovery in Germany's DAX, as Britain's FTSE gained, the euro eased against the dollar, Asian markets saw a rebound and oil prices gained one dollar a barrel to return to 30 dollars.
Robert Falver, the head of capital analysis at Baader Bank, says Mr Draghi offered investors stability.
(begins German) "Draghi appeared to be influenced by China, by its weak growth, also by the emerging markets, by the weakness of oil prices. That leads to deflation risks. He also said in March the entire scenario will be reviewed and decisions taken if necessary. That is enough to stabilise the stock market."
Mr Draghi wasn't the only business leader at the World Economic Forum in Davos to bolster spirits.
Kaushik Basu, senior vice president and chief economist at the World Bank, says China's predicament was perhaps not so bad.
"Once you look at the numbers, 6.9 per cent growth, which is the slowest growth in the last 25 years, is actually in many ways remarkable good news. There may be no other country in the world today that can say with 6.9 per cent growth I've done worst performance in 25 years."
But Russia, highly dependent on oil revenues, is still reeling.
The Kremlin has been forced to deny that its in the midst of a currency collapse after the rouble hit a new low.
Russian resident Alexandra says she's taking it all in her stride**.
"Today's economic situation is shit. What can one say? It's bad. But we will break through, worse things have happened here before, no worries, everything goes in waves."
The country's richest are even feeling the pinch.
Manager of Michael Kors Collection Shop in Moscow, Larisa Yakunina, says she's noticed a big drop in sales.
"They prefer now to keep their money. They are not ready to spend a lot, a lot, like last year or two or five years before."
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