In this context, the Systemic Risk Council should report its risk warnings and relevant recommendations to the ECOFIN Council. Finally, we should provide an appropriate institutional basis for the establishment of the Systemic Risk Council and the related new macro-prudential tasks of the ECB and ESCB, in order to ensure the necessary authority, accountability and legal capabilities.
Growth of Money and Credit The view that the Federal Reserve’s best contribution to growth is to foster price stability has informed both our tactical decisions on the stance of monetary policy and our longer-run judgements on appropriate rates of liquidity provision.