It is the real sector that should drive the financial sector, not the other way round. 18. Financial crises are not uncommon. Then how come we don’t learn? I can do no better than quote Reinhart and Rogoff.
In today’s discussion, the Governing Council agreed to examine further the broad outlook for the euro area at its two meetings in December. In this context, we will thoroughly discuss the downside risks for output growth resulting from the evolution of world trade and from international financial tensions and the possibility of still more subdued price developments.