The crisis has also shown how important it is to interpret credit and money developments properly and take them into account in our decisions, in particular by “leaning against the wind” in case of credit booms and asset price imbalances.
This is embodied in the Eurosystem setup, insofar as the careful monitoring of monetary and credit aggregates helps to identify risks both to financial and price stability. A crucial issue is how to detect the accumulation of systemic risk in time. I am confident that the new framework based on the ESRB will provide a fundamental contribution in this respect.