Given the close interlinkages in the global economy – both real and financial – it is important to learn from each other and to share experiences. There are three experiences and insights that I would like to share with you today:  • First, I would like to stress the importance of international policy coordination.
In Europe, macroprudential policy is essentially a national task, but with close coordination at the European level. This accounts for the fact that the European financial system is highly integrated and that financial shocks might easily spill over across borders. • Second, I would like to update you on our current assessment of financial stability risks in Germany.