You all know that an ultra-accommodative monetary policy brings with it long-term risks to the stability of the financial system. BIS central bankers’ speeches  3  First, because of the mounting risk of financial market bubbles.
This is why some euro-area member states have now also taken what are known as macroprudential measures in order, for instance, to counteract excesses in real estate markets. Of course, whenever such financial stability risks are looming, this represents a challenge, above all, to macroprudential policy.