ECB's Papademos on central banks in 21st century

In the speech 'Central banks in the 21st century' given on 8 June Lucas Papademos of the ECB said he agrees that asset price bubbles are difficult to identify in real time and are thus often only identified ex post.

"This notwithstanding, it appears to me that there are a number of tools that can help identify the emergence of bubbles. The ECB does not target asset prices, but pays close attention to asset price movements with a view to preserving the stability of consumer prices over longer

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