However, it is something that central banks should remain sensitive to and manage diligently. 5. Other role players  In all of their activities, central banks have to be very sensitive to changes in the structure and functioning of the financial markets.
There is a risk that some have forgotten what that  BIS central bankers’ speeches  3  looks like. That also applies to us in Europe. It is extremely important that our unconventional monetary policy does not damage financial markets. But that is exactly what many market participants are accusing central bankers of – especially the ECB.