Financial stability and monetary policy: from low-for-long to the new normal Keynote Konstanzer Seminar 24.05.2023 | Konstanz | Claudia Buch  Check against delivery. 1 The low-for-long environment of the past decade has been exceptional. 2 The low-for-long interest rate environment has had implications for the financial sector.
2.1 Changing patterns of bank assets 2.2 Changing patterns of bank liabilities 2.3 Do banks underestimate future macroeconomic risks? 3 Transition to the new normal 4 Implications for financial stability 4.1 Higher interest rates affect the valuation of banks’ assets and liabilities. 4.2 The cash flow of banks is affected by the speed of transmission of higher interest rates into net interest margins.