This will permit to identify system-wide risks for the benefit of regulatory and supervisory policies. The monitoring, assessment and collection of information on sources of risk to be conducted by the ESRB, at the level of the entire EU, is of the essence, given the advanced financial integration of the internal market.
In addition, the risks for Europe stemming from global sources will also need to be considered, also in coordination with the IMF and the FSB. The financial stability monitoring in the EU as a whole will provide significant analytical and informational challenges.