It is too early to tell, but given the various levels of interplay with macro-prudential policies that I have described, and the need to coordinate the latter, we need to think more about the international dimension of monetary policy, which may be driven by financial stability concerns. This will be on our agenda for the coming years. Thank you for your attention.
This conference is one more such occasion, and I am grateful to the Bundesbank organizers for this opportunity to speak this evening. Several of my recent assignments, both at the Board and in international groups, concerned the continuing effects of financial innovation and liberalization on the scope and scale of financial activity around the globe.