In these circumstances, I anticipate that financial stability considerations are likely to play a substantial role in the determination of the appropriate level of monetary accommodation. I should stress that the Committee is in a better position to carry out this kind of probabilistic cost-benefit analysis in 2014 than it was in 2007.
The Eurosystem greatly values the input of the market itself and experience has proven that this combination of public and private partnership produces the best possible results. Innovation is not a threat to the existing infrastructure, but an opportunity to make it even better.