The FSOC thus will have a financial stability responsibility, in the same way as the Monetary Policy Committee (MPC) does for price stability, and will be able to hold to account various authorities or economic agents on actions to be taken to mitigate against/reduce systemic risk.
Short-term growth prospects were periodically revised downwards, and recent estimates of euro area potential growth are approximately 1%, compared to 1.5%-2% in the pre-crisis period. These developments have raised the question of whether this low growth environment is in fact the new economic reality.