Thus, the ECB is credible in the delivery of price stability. This credibility is not only key in the implementation of monetary policy, but it is the necessary and central contribution that monetary policy makes to fostering sustainable economic growth, job creation and financial stability. Fourth, financial stability. It is important to step up efforts to ensure financial stability.
In many respects, the recent crisis can be seen as the direct result of vulnerabilities and imbalances in the financial system. We have all felt the negative effects that the financial crisis had on economies around the globe. To build a safer financial system, the responsible authorities need to enhance their financial sector surveillance, both at a micro-prudential and macro-prudential level.