First, I would like to explain the measures the Bank has taken to deal with this situation and the thinking behind them. When a financial institution fails, the most important task is to contain systemic risk.
Since the 1960s attention worldwide had been directed primarily towards the fight against inflation. However, the past few years have shown just how seriously the dangers of deflation have to be taken as well. The transformation process in the former Socialist countries has made us aware of just how important institutional frameworks are.