Right now, national, European and international institutions and forums are putting a lot of effort into identifying the lessons to be learned. In an international context, most notably, the analysis and recommendations by the Financial Stability Forum and the recently published “Principles for Sound Liquidity Risk Management and Supervision” by the Basel Committee on Banking Supervision deserve close attention.
They are an important step forward in making the international financial system more resilient. BIS Review 82/2008  3  4  The Eurosystem’s current monetary policy stance  Even though financial stability is of vital interest to the Eurosystem, our primary objective is the maintenance of price stability in the euro area.