The concept of financial stability, considered from different perspectives, which is the main focus of the Conference, is appropriately receiving considerable attention in the light of the variety of risks confronting financial systems.
And we are likely to see a further increase in banks' cost of funding, a tightening of credit standards and a deceleration in the growth of lending volumes. There could also be a drop in consumer and investor confidence and lower overall aggregate demand. However, it is too early to draw conclusions about the impact all of this will have on growth and inflation.