The lack of confidence extended to the entire financial system, and its capacity to appropriately assess the proper value of assets and liabilities. The attempt to reduce risk and leverage resulted in an excess of supply that led to a sharp reduction of asset prices.
Further, we observe that market mechanisms are working well to enable the economy to automatically adjust to fluid conditions efficiently and avoid serious imbalances, as well as overheating risks. Our decisions on the monetary policy stance will continue to be data-dependent.