I should like to say, first, that the empirical evidence of potential conflicts between the objectives of financial stability and price stability is unclear and, second, there is no possibility for such a conflict to arise in the context of the institutional arrangements in the euro area.
Indeed, the introduction of the euro has entailed an institutional separation between monetary policy decision-making, which is addressed to the euro area as a whole, and the exercise of supervisory tasks, which relates to domestic institutions and markets. The decision-making mechanisms for the two tasks no longer coincide, and the risk of conflict has been overcome by the institutional set-up.