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In his prepared remarks at the  third annual conference of the European Systemic Risk Board,    Mario Draghi, President of the ECB and Chair of the ESRB, didn’t comment on the near-term monetary policy outlook and rather talked about the use of macroprudential tools to address financial risks and vulnerabilities.

“The EU economy has been growing now for more than five years. By ensuring price stability, monetary policy contributes to this growth being sustainable. But there is also an important contribution to be made by macroprudential policy. By applying appropriate tools in a timely fashion, policymakers can help prevent the incipient build-up of financial imbalances,” Draghi said.