This has to be taken into account by monetary policy and this is why intensive research into these issues is being conducted at universities and central banks. The fourth and final challenge for central banks is the fragility of the financial system which has come to light during the present financial crisis. This calls for all appropriate lessons to be learned without any complacency.
BIS Review 2/2008  3  And the two ECB-specific challenges? The fifth challenge is that the Single Market with its single currency is not yet achieved. We are still significantly changing the structure of our own euro area economy. Unlike elsewhere, a look into the euro area’s past provides hardly any indications for the future.