4  BIS central bankers’ speeches  Financial stability and monetary policy These financial market phenomena could pose macroeconomic risks. In my view, such potentialities are best addressed through effective supervision and regulation of the financial sector. It is possible, though, that these tools may only partially mitigate the relevant macroeconomic risks.
As far as we are concerned, however, we consider that both the level and pace of economic growth in the euro area have suffered from the crisis and the gap is contained. Our assessment is shared by most research institutions.