To emphasise this, the article continues: "[w]ithout prejudice to the goal of price stability, the ESCB shall support the general economic policies in the Community with a view to contribute to the achievement of the objectives of the Community […]".
Global instability acquired a new “avatar” – that of a sovereign debt crisis. To address the deficiencies which led to the global crisis, the international standard setters – Basel Committee on Banking Supervision (BCBS) and Financial Stability Board (FSB) – have undertaken a massive overhaul of the regulatory framework.