In other words, fluctuations in prices interfere with the most important function of a market mechanism: resource allocation. We should examine whether the ongoing gradual price decline could cause these problems.
And they have also shown how the conduct of a monetary policy aimed at the preservation of price stability and the performance of tasks aimed at safeguarding financial stability require the appropriate use of available policy instruments. Let me briefly elaborate on a number of pertinent lessons learnt and on the challenges to be faced.