It has shown that a closer interaction is needed between macroeconomic and macroprudential analyses, although it has also brought out that there is no real trade-off between the objective of price stability and the support that the ECB can lend to other areas.
2  BIS central bankers’ speeches  In this respect, I believe that while synergies must be exploited to the full, the respective roles and responsibilities must remain clearly distinct. Monetary policy must keep its focus on preserving price stability over the medium term.