In the years preceding the crisis, as the global financial system evolved at a rapid pace, the proliferation of complex and opaque financial products, the development of innovative securitisation techniques, the emergence of inappropriate incentive structures, the increased interconnectedness of markets and institutions, in an environment of enhanced competitive pressures and excessive credit growth, encouraged risk-creation and risk-taking; and increased the scope for contagion across institutions, markets and borders.
3/6  BIS central bankers' speeches  I don’t deny that the longer central banks pursue this accommodative monetary policy, the greater the risk of bubbles. We are monitoring this but in the euro area as a whole there are no bubbles, although in some cities real estate has become very expensive, for example.