However, in my view, it is important to signal the financial markets, sooner rather than later, of the steps that are likely to be considered in connection with the asset purchase programme in 2018 – this goes beyond the calendar-based forward guidance that has already been provided up to December 2017.
5 To this end the ESRB is to conduct analyses of the European financial system, issue risk warnings and, when called on, make recommendations, which it will submit to one or more member states or national supervisory authorities, the EU Council, the European Commission and the newly established ESAs.