It will come as no surprise that I also think that national central banks are relevant, and will continue to be so. Today I would like to briefly compare monetary policy in the euro area and in the US. Of course there are differences between the two areas, but there are also important similarities.
Each of the seven paragraphs that I am about to share with you remains invaluable pieces of advice to bankers - even after nearly 140 years. First advice “Let no loans be made that are not secured beyond a reasonable contingency. Do nothing to foster and encourage speculation. Give facilities to legitimate and prudent transactions.