BIS central bankers’ speeches  7  The ECB is working with the Bank of England on the causes and roadblocks of the impaired securitisation market and will propose ways to deal with them.17 Conclusion Let me conclude. The main point I have tried to illustrate today is that de-fragmentation must have an aim, and that aim goes deeper than price convergence.
Of course, the past is not always a good guide to the future, in part because a great deal of uncertainty surrounds the relationship of resource utilization and inflation. For instance, we cannot directly observe full capacity of either labor or production resources; consequently, we can never be certain what level of activity represents the full utilization of capacity.