In this background of huge deluge of global liquidity, there are unmistakable signs of asset bubbles inflating again in almost a replay of the last global financial crisis.
Moreover, as a part of the Eurosystem central banks are integrated in an already functioning network of national and supranational institutions. Such a network is of decisive importance in the light of the structural change in European financial markets that already has taken place or is likely to come in the near future.