Besides contributing adequately to the economy’s gross domestic product, the financial services sector intermediates between savers and borrowers, efficiently allocates financial resources, improves economic development, and creates employment opportunities. Thus, the promotion of a sound financial services sector is central to safeguard the economy’s resilience. Trust and stability are other key elements that add towards the well-functioning of the financial system.
These would need to be adjusted in order to ensure the harmonised application of such a rulebook in the whole single market. I presume that an enhanced role for ESMA will have to be considered. In this context, it is paramount that authorities, through the development of a macroprudential framework, have the tools to deal with the build-up of systemic risks at their disposal.