4  BIS central bankers’ speeches  And third, we have to make use of our monetary policy framework to come by financial imbalances that go along with excessive growth in money and credit. Our monetary policy is focused on the medium term and grants a distinct role to the analysis of monetary and credit developments.
This is instrumental that the ECB is not only ensuring medium term price stability, but also contributes to the stability of the financial system. References Adrian, T. and Shin, H. (2011), “Financial Intermediaries in Monetary Economics”, Chapter 12 in The Handbook of Monetary Economics, Friedman, B. and Woodford, M. (eds. ), Elsevier Allen, F. and Gale, D. (2000), “Bubbles and Crises”, Economic Journal, vol.