In line with our symmetrical price stability objective, equal weight should be given to both risks. In particular, I am concerned about statements that seem to give a (much) higher weight to the risk of doing too little.
And of course it is not only commercial banks that need to worry about this, it is also a problem for central banks in their role as the ultimate providers of liquidity to the banking system. Over the summer, central banks have seen that their standing liquidity facilities have worked quite well with respect to the market for overnight funds.