While they are currently justified from a monetary policy perspective, we must not blind ourselves to reality: they tempt decisionmakers to delay reforms and necessary structural changes. Risks to financial stability may build up, and these side-effects will increase the longer the phase of low interest rates continues.
2  BIS central bankers’ speeches  In some ways you are very German when you support the calls for political union made by Angela Merkel Any move towards a financial, budgetary and political union is, to my mind, inevitable. This will lead to the creation of new supranational entities.