•  We lack a deep understanding of the potential link between monetary policy and asset price bubbles; this may, inter alia, require a departure from the rational expectation hypothesis (as recently suggested for example by Sims 8). 3. Coordination of monetary policies  The financial turmoil has brought back at the centre of the international debate the issue of monetary policy coordination.
The impact of the euro on financial markets The introduction of the euro has brought about momentous change in the financial markets, not only within the euro area, but also on a global scale. •  First, a functioning money market for the euro area as a whole is a precondition for the successful operation of the Eurosystem’s single monetary policy.