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Draghi: The interaction between monetary policy and financial stability in the euro area
Price stability and financial stability are inherently interlinked. They tend to be mutually reinforcing, and in the long run each is a necessary, albeit insufficient, condition for the other. As the crisis showed, periods of heightened financial turbulence can impair the transmission mechanism of monetary policy. Similarly, the failure of price stability – periods of deflation or hyperinflation – has also been accompanied in the past by periods of financial instability. These interactions have been visible in the euro area during the crisis. The combined effects of the financial and sovereign debt crises ... (full story)
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