I would refer to a recent one by Governor Santomero, who was quoted in the Financial Times (30 September) as saying: “The Fed has a dual mandate: to oversee price stability and potential growth, in that order”. The priority to price stability inscribed in the ECB’s statutes can thus be considered as an advantage in the current conjuncture.
Extensive use of technology has also lead to significantly increased infrastructure sharing and interdependence. Moreover, since financial markets are in a state of high integration, problems in one segment like payment and settlements can lead to severe impact in several other areas, particularly if some problems occur at some significant market participant/ service provider’s end.