Illiquid assets, maturity mismatches between assets and liabilities and leverage amplify the force with which problems of one intermediary are pushed through the complex network of exposures. Sizable amounts of debt relative to capital and short-term funding have more dramatic effects in situations of stress.
Even though we have recently seen an appreciation of the euro and a decline in the price of oil, we will nevertheless keep calling on the social partners to conclude moderate wage agreements. We will also continue to closely observe developments outside the euro area, in particular in the United States and in the world economy in general.