Vítor Constâncio: The ECB and macro-prudential policy – from research to implementation Speech by Mr Vítor Constâncio, Vice-President of the European Central Bank, at the Third Conference of the Macro-prudential Research Network, Frankfurt am Main, 23 June 2014. *  *  *  Ladies and Gentlemen, It is a great pleasure to open the Third Conference of the Macro-prudential Research Network (MaRs).
In such situations, monetary policy typically intervenes to provide liquidity, until markets recover and begin to operate more normally. Because of this, it is sometimes alleged that monetary policy stands ready to intervene to protect market prices in a downturn. Chairman Greenspan commented that markets are asymmetric, not monetary policy.