Survey-based evidence on  bank risk taking, Journal of Economic Dynamics and Control, 43, 12–30; and G Jiménez, S Ongena, J L Peydró and J Saurina (2014), Hazardous times for monetary policy: what do twenty-three million bank loans say about the effects of monetary policy on credit risk-taking?, Econometrica, 82, 463–505, for evidence on the effects of monetary policy on risk taking.
But the near-term imperative of achieving economic recovery and the longer-run desire to achieve programmatic objectives should not be allowed to hinder timely consideration of the steps needed to address fiscal imbalances. Without fiscal sustainability, in the longer term we will have neither financial stability nor healthy economic growth. 4  BIS Review 24/2009