Further research is still needed in order to reach definite conclusions. While monetary policy should play a role in “leaning against the wind” of over-optimism in financial markets, it should however not be over-burdened. Interest rate policy on its own cannot guarantee both price stability and financial stability, and should therefore be backed up by prudential policies. 2.
Even with the establishment of an additional European card scheme they are likely to play an important role: for example, in co-branding to promote the global acceptance of an additional European card scheme. Currently there are three additional card scheme initiatives, one of which is Monnet. Each of these initiatives has its own strengths and weaknesses.