In addition, the danger of such a conflict is even greater if public debt is increasingly financed using short-term debt. BIS Review 10/2004  1  When I say that compliance with the Stability and Growth Pact avoids conflicts that could undermine the functioning and the internal cohesiveness of monetary union, there are other important aspects to consider.
Safeguarding financial stability is a national Seite 3 von 10 Deutsche Bundesbank, Directorate General Communications Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Germany, Tel: +49 (0)69 9566 3511 or 3512, Fax: +49 (0)69 9566 3077 presse@bundesbank.de, www.bundesbank.de Reproduction permitted only if source is stated. responsibility. Given the close integration of European financial markets, however, macroprudential policy is coordinated closely at the European level.