This was the case in May 2001, soon after the target for current account deposits was introduced, when sentiment that the additional supply of funds was redundant seemed to be growing stronger day by day. The undersubscription in February and March 2002 and the summer of 2002 was caused in part by such sentiment, but other factors were also at work.
However, it is also very clear that in the macro-prudential field we are in a much less comfortable position than in the monetary policy field, in particular concerning widely accepted scientific foundations and long experience with tested policy instruments. Against this background, I will start by providing a brief overview of the research that has been carried out in the MaRs network.