In this context, the conflicting schools of thought, for example, the Keynesian and monetarists, serve no purpose. Those who did not understand the crisis were those who, in some way or another, were trapped in simplified models without understanding that these models are the starting and not the finishing points of an analytical path aimed at understanding reality. On the one hand, those who have made the neo-Keynesian models extreme, excluding money and the financial markets, have made the search for model elegance an end in itself, without understanding that it does not actually help to explain reality. This may seem absurd nowadays, but at a conference organised by the European Central Bank, in the autumn of 2006, to explain its own monetary policy strategy – a strategy in which money and the financial markets play an important role – the majority of academics, above all on the other side of the Atlantic, played down the usefulness of taking money and financial markets into account in economic models. In the more sophisticated neo-Keynesian models, they managed to completely get rid of money! Consequently, monetary policy could also get rid of money, and focus only on the interest rate as the variable representative of the equilibrium on the money and financial markets. With such models, it was sufficient to align the interest rate with the equilibrium level, or the so-called “neutral” level, in order to ensure a monetary policy in line with the general equilibrium.
Benoît Cœuré: Cyber resilience for pan-European financial market infrastructures Introductory remarks by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, at the High-Level Meeting on Cyber Resilience, Frankfurt am Main, 19 June 2017. * * *  Introduction It is a pleasure to welcome you here today to this strategic high-level meeting on cyber resilience for pan-European financial market infrastructures. The aim of bringing together high-level representatives from large European market infrastructures, critical service providers and public authorities is threefold: First we would like to gain a deeper understanding of the cyber threat landscape in Europe. The European Union Agency for Network and Information Security (ENISA) will make a presentation on the cyber threat landscape and its relevance for the financial sector. Second, we will share with you the Eurosystem’s cyber strategy for financial market infrastructures and also explain ECB Banking Supervision’s approach to the issue of bank cyber resilience. Third, we would like to hear your views on how we can all collaborate in a trusted environment to enhance the cyber resilience of financial market infrastructures. More specifically, we would like to assess with you how much interest there is in creating a highlevel cyber resilience forum for pan-European financial market infrastructures, critical service providers and competent authorities. Before we start, let me briefly set the scene.