Moreover, the increasing importance of the capital market does not just have an impact on the transmission mechanism and the role of asset prices. Extracting signals regarding risks to price stability stemming from monetary developments becomes a more challenging task.
Pedro Duarte Neves: Financial stability and macro-prudential policy Concluding remarks by Mr Pedro Duarte Neves, Vice-Governor of the Bank of Portugal, at the Conference on “Financial Stability and Macro-prudential Policy”, Lisbon, 10 February 2015.