Further financial integration brings not just benefits, but also challenges in terms of the measures needed to secure financial stability and to protect consumer and investor interests. A number of the measures in the FSAP address issues such as liquidation of financial institutions, the capital adequacy of banks and the question of how to deal with financial conglomerates.
Research on the Phillips curve is an excellent example of academic work being of interest far beyond academia itself. The findings of Lucas, Kydland, Prescott, Woodford and many others also shape our every-day decision-making process – and we central bankers continuously seek such advice.