In my remarks today, I will explain the rationale for the monetary policy measures taken since mid-2014 and the effects they are having on the on-going recovery. Secondly, I will address some financial stability risks portrayed in our just published Financial Stability Review.
1 Subsequently, I will reflect on the macroprudential policy framework needed to deal with those risks and on the role that the Capital Markets Union may have in improving the efficiency of our financial system and on the creation of private risk sharing mechanism, particularly important for our monetary union.