The costs of not taking pre-emptive action before a bubble bursts are potentially too high and, with regard to the response of the official sector, produce a destabilizing asymmetry that only encourages future misdeeds. 20 In addition, central banks are no longer as dismissive about the feasibility of identifying potential sources of financial instability before their macroeconomic consequences are felt.
The ECB has taken a proactive stance towards, and has been involved in several initiatives aimed at fostering, financial integration, given its importance not only for the performance of the basic tasks of the Eurosystem but also for the welfare of European citizens.