Mario Draghi: The interaction between monetary policy and financial stability in the euro area

Mario Draghi: The interaction between monetary policy and financial stability in the euro area

Speech

Mario Draghi: The interaction between monetary policy and financial stability in the euro area

By Bank for International Settlements (BIS)

In this landmark 2017 speech, Mario Draghi delivers a powerful defense of the ECB’s unconventional measures, arguing that price stability and financial stability are "inherently interlinked." He recounts how the 2014 "vicious circle" of tightening credit and economic deterioration necessitated the introduction of negative rates, Targeted Longer-Term Refinancing Operations (TLTROs), and the Asset…

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