This recovery in turn contributes to greater financial sector resilience. The breadth of our monetary policy measures and the length of the time they are in place are necessary for achieving our objective of price stability. These policy settings have been made possible because the financial system is more resilient than in the past.
Today we have a suitable – and active – macroprudential framework to address potential negative side effects. This, together with stronger banks and stronger supervision, has enabled us a longer period of low interest rates unmarked by a build-up of financial stability risks. Nonetheless, we remain vigilant.