How can we simultaneously maintain both price stability and financial stability in the euro area?

The operating environment for monetary policy has changed: the euro area macroprudential system – or macroprudential framework –for dampening country and sector-specific overheating is now stronger than before the financial crisis. The new system is, however, not yet complete, which increases the need to contribute to the maintenance of financial stability also via monetary policy measures. Even if the macroprudential system were stronger than it currently is, it is very difficult to fully prevent the possibly unfavourable side-effects of an exceptionally accommodative monetary policy. In the current situation, however, the strengthening of economic growth via monetary policy measures does also support financial stability.