In turn, the microfoundations of aggregates must be explored. In seeking ways to overcome these shortcomings, I am impressed by the convincing and – in fact converging – arguments, proposals and suggestions that have emerged during the discussions at this conference.
Chart 7  Tension emerged in the financial system this year because energy suppliers had to provide additional collateral for derivatives trading (chart 7). Since the global financial crisis, derivatives have increasingly been traded through central counterparties (CCPs) as a way of mitigating risks in the financial Seite 8 von 18 Deutsche Bundesbank, Directorate General Communications Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Germany, Tel.