It is crucial to make securitised products attractive to investors without exerting negative effects on financial stability. 6. Conclusion  Ladies and gentlemen, I have covered a lot of ground in my speech today. Nonetheless, the central message is straightforward. The situation in the euro area is improving and the end of the crisis is coming closer. However, there is no time for complacency.
9  Brimmer (1989) and Mishkin (1991) also discuss this episode. 10  Carlson (2007) has a more detailed account of the Federal Reserve response to that episode.