Disruptions in the financial system can delay or otherwise impair the transmission of monetary policy impulses to the real economy. It follows that central banks have a special interest in maintaining a stable financial system. III  Current stability situation  Against this backdrop, most central banks have, in recent years, extended and refined their financial stability analysis.
dollar (left scale)  6  4  Output Gap and Unemployment Rate  Foreign Exchange Rate and Stock Prices  Amount Outstanding of Bank Lending and Bank Lending Rate  130  Nikkei 225 index (right scale)  1.5  2  0  1.0  -2  -4 CY07 09 11 13 15 17 19  0.5  Output gap (left scale) Unemployment rate (right scale)  2  1  -6 CY07 09 11 13 15 17 19  Note: In the left-hand chart, figures for lending by domestic commercial banks are monthly averages.