BIS Review 12/1998  -6Several important lessons can be drawn from this experience with regard to ensuring the stability of international financial markets. Obviously, preventing an overheating of economic and financial activities through proper macroeconomic policies is the most important prerequisite for securing the stability of one’s own economy as well as the international financial markets.
Indeed, since the peak of the sovereign debt crisis in the summer of 2012, we have witnessed a significant reduction in the amount of excess liquidity.