Too low short-term rates also encouraged aggressive search for yield, both domestically and globally, encouraged by financial engineering, heavy recourse to securitisation and lax regulation and supervision.
*  *  *  I am pleased to welcome you at the present ceremonial opening of the Exhibition of the European Central Bank about euro and on the eve of a big international conference on euro implementation in Slovakia. It is more than symbolic that this exhibition is located just here, on the grounds of the National Bank of Slovakia.