It would have to rely upon very strong policy conditionality and reinforce incentives for pre-emptive fiscal and macroeconomic adjustment. Some economists think that a too long period of low interest rates can endanger financial stability. It seems that new financial bubbles are growing in the emerging markets.
Some politicians, such as Italy’s Treasury minister Giulio Tremonti, say speculation is rife again, as strong as ever. The remarks of Giulio Tremonti are always stimulating. As regards the ECB, we have demonstrated in the past that we are very keen not to embark on policies that would foster volatility and financial instability.