On the one hand the interest rate has been used with a view to achieve price stability, while, on the one hand, liquidity-injecting measures have aimed at stabilising the money market. Each measure has been adopted and justified to the public in such a way as to keep separate the two objectives.
First, while the banking sector is more resilient than it used to be, I am not fully satisfied with the current situation. And second, I would like us all to keep in mind that, while a resilient banking sector is a necessary condition for financial stability, it is not enough on its own.