Domestically our paper on the changing environment and the challenges for monetary policy was presented to the Korea Economic Association, and we made full use of that occasion to articulate the Bank’s position to academia. All of these were our first experiences of doing these things.
Finally, it is yesterday’s news that recourse to the ECB by banks in some large countries that were in difficult funding conditions has declined for the second consecutive month. It is important to understand that financial stability in the euro area is in everyone’s interest, but primarily in the interest of creditor nations which have greater exposures.