These low interest rates, the argument goes, led to excessive credit extension and asset bubbles in the housing and equity markets, and to the lending excesses that ultimately caused or exacerbated the crisis. In other words, by focusing too narrowly on inflation, monetary policy ignored the financial stability implications of low interest rates.
This highlights that, despite our diversity, we share a culture that is largely rooted in a common heritage and that has never been contained by national boundaries. Our shared heritage is also referenced in the security features that protect our banknotes. The hologram and the watermark bear a portrait of Europa, a figure from Greek mythology which serves as the face of the euro.