It also weakens other coordination procedures and it certainly provides a reason not to expand euro-area joint liability elements  BIS central bankers’ speeches  3  further, as has often been called for. Liability without sufficient control undermines the stability foundation of monetary union. 4.
Monetary policy stance eased further by purchase programme in early 2015  Ladies and gentlemen, I would now like to turn to the topic of monetary policy. Inflationary pressures in the euro area have been exceedingly low, especially since the second half of 2014.