7  This comment was made at the press conference on November 16, 2011 after presenting the Inflation Report. BIS central bankers’ speeches  7  the opposite effect of increasing instability. Needless to say, bubbles are not caused by low interest rates alone.
Under these circumstances, the European Central Bank (ECB) decided to lower the key ECB interest rates at the meeting of the Governing Council held on November 3, 2011. There remains considerable uncertainty as to how the European debt crisis will unfold, and the timing of a recovery in market confidence is unclear.