In addition, to safeguard price stability in an economic crisis like the one we are facing today, it is imperative for monetary policy to keep interest rates low and support the economy as a whole. In particular, generally favourable ﬁnancing conditions encourage new investments, which are also needed for sustainable growth.
For instance, the S&P 500 volatility index (VIX) rose markedly in early January, though it remains below the levels it reached in August of last year and in 2011, and it last week declined below its average value since the start of the year.