Markets have been pretty volatile recently. What does that mean for the ECB? Our monetary policy has significantly helped to stabilise financing conditions for firms and 1/4  BIS central bankers' speeches  households and shield them from developments in China, the United States and emerging market economies, for example.
Financial institutions took stability for granted and shouldered excessive risks. This exaggerated the impact when the risks were manifested; markets could not regain stability by themselves and had to wait for interventions by the public sector, including the coordinated provision of liquidity by central banks. II.