These figures indicate that the ongoing work on resolution regimes is very important in this regard, and rapid progress should definitely be made. This is particularly relevant in the euro area, where the new single supervisor mechanism (the SSM) is being implemented. Observations on the analytical implications of economic and financial instability Economic systems constantly evolve and transform.
1  2  See Stephen Morris and Hyun Song Shin (2015), Risk Premium Shifts and Monetary Policy: A Coordination Approach, Princeton University – William S Dietrich II Economic Theory Center Research Paper No 075_2016, 2015. BIS central bankers’ speeches  But it is not only the behaviour of asset managers that is relevant to monetary policy.