Between the second and third quarter, we experienced a reversal of $ 5 billion (2 percent of GDP) in the capital account, which would have significantly affected domestic economic activity in other times. In particular, our role is to provide for two important public goods: monetary stability and financial stability.
Let me give you just a few examples, based on a set of indicators published by the ECB. 5 Since the introduction of the euro in 1999, the cross-country standard deviation of interest rates in the interbank money market have fallen sharply.