The question I would like to raise is whether we should dissipate our energies in the second step by looking at all large imbalances, or focus instead only on large, systemically important imbalances that have significant spillover effects. Is it so difficult to identify the latter through a simple statistical exercise such as country imbalances as a proportion of total imbalances or global GDP?
It consists of some elements that are regularly employed and others that can be activated should the need arise. In particular, the framework foresees, on the one hand, regular weekly and monthly open market operations, which are the standard main channels for the flow of liquidity to the banking sector.