As previously mentioned, in the face of the tensions in the money markets, the major central banks have stepped-up their cooperation, with rather impressive results. Clearly there are further benefits to be reaped from enhancing this cooperation. 5. Concluding remarks  In the current challenging environment, maintaining price stability is both more demanding and more important than usual.
In fact, coming out of a deep banking crisis, rapid credit growth would really be a “luxury problem”! That’s not to say we don’t see pockets of exuberance, for example in some housing markets. But euro area interest rates are set to achieve macroeconomic objectives, not to prick local bubbles.