This notwithstanding, the continued acceleration of M3 and the ongoing build-up of liquidity calls for close attention and will require a thorough analysis of monetary developments in the months to come. Overall, we do not currently see any major risks to price stability in the euro area.
This holds especially for markets that are directly involved in our operations: the money market, but also the bond market since the vast majority of the assets we take as collateral are bonds. Another reason for our interest relates to our responsibility for the promotion of a smooth operation of payment systems. Integration, particularly at the level of infrastructure, facilitates this.