Our policy intentions to maintain price stability in the medium term are increasingly well understood by the general public. Second, the euro area economy impressively overcame the negative mood prevailing in early 1999 and has recovered to a state of affairs not seen for more than a decade.
In identifying risks, false positives will be common, and some mispricing of assets is inevitable as people attempt to evaluate the implications of broad economic trends and innovations. But looking in a focused way across markets and institutions may help to identify areas where greater supervisory attention could result in a more resilient system.