This shows that our intention to keep ﬁnancing terms favourable does not take the place our primary objective, which is, and always will be, to safeguard price stability. Yet ﬁnancing conditions play a crucial role on the road to price stability.
The answer is that we must devise a stronger set of rules that limit the negative repercussions of free markets. This solution has a national and a global component, where greater attention has to be placed on the national approach than was the case in the past four decades. I want to emphasise three policy elements.