III Etant donné que les dangers menaçant la stabilité se sont accrus et que la politique monétaire exerce, depuis une assez longue période, des effets de plus en plus expansifs même si les taux directeurs n’ont pas bougé, la Bundesbank a légèrement resserré les rênes monétaires début octobre.
I would like to consider some of the challenges that central banks face at a time like the present, also drawing on the experience that we have gained in respect of similar cyclical phases. It should however be noted that this crisis, although it presents features that are similar to those in the past, is much greater in its nature and intensity.