In this regard, it is in line with the key purpose of the Fed’s dual mandate. The ECB’s crisis response In the euro area crisis, the ECB’s capacity to react flexibly within its stable framework has been tested exhaustively. One challenge that has rendered this crisis particularly complex is financial fragmentation between Member States.
BIS Review 80/2007  1  The outlook for price stability over the medium term remains subject to upside risks. As capacity utilisation in the euro area economy is high and labour markets are gradually improving, constraints are emerging which could lead in particular to stronger than expected wage developments.