Third, prior to 1914, the vast majority of portfolio capital flows took the form of bonds. More recently, portfolio flows have been more evenly split between bonds and stocks.
Voting members of the ESRB include the President and Vice-President of the ECB, Governors of EU Central Banks, Chairs of the three European Supervisory Authorities, a member of the European Commission, and representatives of ESRB advisory committees. The Head of Regulation from each Member State and the President of the Economic and Financial Committee are non-voting members.