A large part of the effectiveness of the ESRB will rely on the quality and solidity of the analysis and information underlying its financial stability assessments. It will be important to set-up efficient arrangements between the ESRB and the new European Supervisory Authorities for the mutual cooperation and exchange of information, as foreseen in the Commission’s legislative proposals.
Ideally, such a joint effort will enhance our knowledge about common challenges as well as develop a beneficial, mutual insight into issues on which we take a more idiosyncratic course. I am therefore very pleased that the Deutsche Bundesbank and the Federal Reserve Bank of Cleveland have been able to organise this joint conference on research issues related to monetary policy strategy and communication.