Trichet on asset price bubbles and monetary policy

In the speech 'Asset price bubbles and monetary policy' given on 8 June Jean-Claude Trichet of the ECB said experience with past asset price boom episodes tells us that we should be very careful in calling a boom, which is observable, a bubble.

"Such labelling will always contain a substantial degree of arbitrary judgment. Nevertheless, empirical evidence also reveals that it is possible to find characteristics of potentially dangerous asset price boom developments, which are useful from a policy

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