As a consequence, the workshop also contributes to the international and inter-institutional debate about the interaction between monetary policy and financial stability. Let me start with a question: Are financial stability and monetary policy two horses that try to pull the carriage “economy“ in opposite directions?
Beirne, J., Dalitz, L., Ejsing, J., Grothe, M., Manganelli, S., Monar, F., Sahel, B., Sušec, M., Tapking, J. and Vong, T. (2011), “The impact of the eurosystem’s Covered Bond Purchase Programme on the primary and secondary markets”, ECB Occasional Paper Series, No 122. Bernanke, B.S. (2004), “The Great Moderation”, Speech delivered at the meeting of the Eastern Economic Association, Washington, DC, February 20.