De Grauwe, Paul; Gros, Daniel - 2009
The ECB has been arguing in the past that since there is no trade-off between price stability and financial stability … constraining we propose that the two-pillar strategy of the ECB should be reformed. In this new two-pillar strategy, the ECB should … pursue two objectives, i.e. price stability and financial stability. In this new strategy the interest rate should be used to …