During the crisis the task of safeguarding the stability of the euro area fell almost entirely to monetary policy, owing to the persistent fragility of the other elements of the institutional framework, which were only belatedly and insufficiently rectified.
Deviations estimated to be temporary may not be responded to at all, but seen through. *  *  *  Another topical and important theme in economic research and central banking is the interaction between monetary policy and inequality. At this conference there will be two sessions devoted to these issues.