In my speech today, I will use the term financial stability in a narrow sense to refer to the “stability of the financial system”, which is the wording used in Article 127(5) of the TFEU. But even within this narrow meaning, there is no single or even widely accepted definition of financial stability.
5 Some authors and institutions have tried to arrive at a positive definition of financial stability by describing its essential features, while others start from its absence – financial instability.