These institutional arrangements have been tested in recent months, and I am happy to state that they have proved to be effective in dealing with the recent financial market turbulence. Our organisation contributes to maintaining financial stability in several ways. We maintain a regular dialogue with the financial sector to exchange views on current and emerging issues.
In addition, as a member of the ECB’s Governing Council, I participate in the formulation of monetary policy and the setting of interest rates in the euro area. This has as its primary objective the maintenance of low inflation which also contributes to financial stability.