Thus, the less we believe in formal coordination, the more we should strive to make international capital markets work. And this is a collective duty: central bankers should not leave this agenda to regulators and lawmakers, let alone to market participants, because it is crucial for the effectiveness of our monetary policies.
Ultimately, we believe the most reliable way to reduce financial stability risks is to do what we can to get the economy back to full capacity and sustainable inflation. Finally, we discussed the risk that by moving today we would surprise financial markets.