But about four-fifths of these national measures have not targeted the most vulnerable in the euro area. Moreover, around two-thirds have not supported income, but have subsidised prices in a way that reduces energy-saving incentives.
Nimble capital flows management needs to be intellectually mainstreamed (as also in practice) as a conventional matter-of-fact component of the macro-prudential toolkit. Indeed, any attempts to discourage the use of foreign exchange reserves as a macro-prudential tool would necessitate that capital flows have to be managed more actively. Conference deliberations today and tomorrow could, perhaps, help shape the dialogue in this regard.4 11.