Not surprisingly, recent ECB research suggests that global variables – rather than only national or regional indicators – can enhance our ability to identify a build-up of financial  4  EMI (1997), “The single monetary policy in Stage Three: Elements of the monetary policy strategy of the ESCB.” O. Issing (2002), “Why stable prices and stable markets are important and how they fit together”, Monetary Stability Foundation, Frankfurt am Main.
5  See in particular J.C. Trichet (2009), “Credible alertness revisited”, intervention at the symposium “Financial stability and macroeconomic policy”, Jackson Hole, Wyoming, August 2009. 6  T. Adrian and H.S. Shin (2008). “Financial intermediaries, financial stability, and monetary policy,” presented at the Federal Reserve Bank of Kansas City Jackson Hole Symposium. BIS Review 14/2010  3  imbalances.