International Financial Architecture Along with global imbalances, international financial architecture has also long been on the agenda at the G20 meetings. The global economy has suffered the enormous negative impact of financial and economic crises such as the Asian crisis in the late 1990s, the global financial crisis after the Lehman shock, and the subsequent European sovereign debt crisis.
We have to make sure that the ebbs and flows of liquidity in the euro area don’t generate excess volatility of the money-market curve. That’s the normal job of a central bank. That’s what we’re monitoring. Then there are long-term risks. They relate to our price stability mandate and to our policy aim of maintaining inflation below but close to the 2 percent number.