«Policy interventions are having an impact on market functioning today» he says, but in the case of the ECB’s monetary policy, «ongoing monitoring so far does not suggest impairments to the price discovery process» and «our monetary policy has not suppressed market discipline». The new market environment is more constrained, but also more resilient.
«At the same time, more safety is not a substitute but a complement to well capitalised banks and sound public finances» he concludes. *** Let me begin by saying thank you to the World Bank and the Agence France Trésor for inviting me to speak today.