For an analysis of developments in the balance sheet of the Eurosystem and other major central banks see the article “”Recent developments in the balance sheets of the Eurosystem, the Federal reserve System and Japan”, ECB Monthly Bulletin, October 2009.
4  BIS Review 138/2009  Indeed, should a significant improvement in the outlook for economic activity not be accompanied by an adequate adjustment in the policy stance, the current monetary stance may become excessively accommodative, thereby giving rise to risks to price stability.