5  See for example Goodhart (2000) and Mishkin (2001). BIS central bankers’ speeches  3  information on linkages between intermediaries. Rapidly changing financial flows can affect the stability of intermediaries.6 The second benefit is related to the common concern for financial stability. Historically financial stability has been a main task for central banks, even without an explicit mandate.
One key factor restraining the pace of recovery is the construction sector, which continues to be hampered by a considerable overhang of vacant homes and commercial properties and remains in the doldrums. In addition, spending by state and local governments seems likely to remain limited by tight budget conditions.