Business model of Asian financial institutions  With regard to the brisk growth of Asian countries, there is another factor we should keep in mind. This is the limited exposure of Asian financial institutions, in the run-up to the subprime crisis, to complex securitized products and risk transfer techniques. It seems that the subprime crisis has generated skepticism or soul-searching vis-à-vis cutting-edge financial innovations.
Dear Colleagues, Ladies and Gentlemen, [Slide #8 Monetary policy at a crossroads] Let me conclude by stressing the relevance of our strategy review for the ECB’s contemporary and future monetary policy. Even though the strategy was worked out during the not-so-distant low-flation era, it has served us well also in the rapidly changing operating environment.