There have, of course, been periods when inflation rates have been high, but these have typically been followed by a slowdown in growth rates, presumably as a result of monetary actions but, more fundamentally, because the prospect of macroeconomic instability may lead to lower rates of investment.
Let me briefly mention three of these initiatives: First, the Eurosystem is developing a Securities Holdings Statistics database. The financial crisis has highlighted the lack of transparency in a number of financial markets as well as difficulties in assessing financial exposures and linkages between institutions.