This should also be consistent and well-integrated with the monetary policy framework. This means, for instance, developing a macro-prudential framework that could help to link both approaches. The crisis highlights the importance of the risk management approach in the design of precautionary strategies for the conduct of an effective monetary policy in small open economies.
How have you handled the effects of the monetary policy of the US? The decisions taken by the ECB are based on the region’s economic and financial situation and do not specifically follow any adjustment made in the United States by the Federal Reserve System or in any other part of the world.