And on this foundation, we will have to deliver consistent policy signals to economic agents as we carry out our policies. Our efforts to secure a solid level of financial stability must also be strengthened further.
This facilitates the build up of leverage in the financial system and exposes institutions to losses when the credit cycle turns. Monetary policy will have to be more conscious in future of the risk of accommodating excessive credit expansion and the unsustainable rise in asset prices that often accompanies it. III.