4 J Brunsden and K Hope, Athens told to stick to reforms or risk losing vital investment, Financial Times, 31 July  2018. 5 See ABresson (2016), The making of the ancient Greek economy – institutions, markets, and growth in the city-  states, Princeton University Press. 6 See, for example, D M MacDowell (2004), Demosthenes, Speeches 27–38, Against Zenothemis.
The financial crisis has provided a vivid example of how financial instability can force the hand of monetary policy. When the burst of an asset bubble threatens a collapse of the financial system, the meltdown will in all likelihood have severe consequences for the real economy, with corresponding downside risks to price stability.