And lastly, the ECB provides analytical and statistical support, collecting and processing information that feed into the ESRB’s discussions. Despite this, however, the ESRB remains a body that is quite distinct and separate from the ECB. The ESRB does not change in any way the functioning of the ECB’s statutory role and its unambiguous primary mandate for delivering price stability.
At this stage, the events of the past six months are well known. After a long period during which financial market conditions were extremely buoyant, global markets have witnessed a substantial and warranted repricing of risk.