Economic growth has generally disappointed since the global financial crisis, weighed down by an overhang of debt. The result is that excess capacity exists in many parts of the global economy. Broad measures of labour utilisation continue to suggest ongoing slack, despite unemployment rates in some industrialised economies being the lowest in some decades.
Strengthening the Role and the Independence of the ESRB Given the importance of the ESRB in addressing cross-country and cross-sectoral risks to financial stability, measures can yet be taken to strengthen its role and independence. Resources: Currently, the ESRB depends on ECB resources without clearly specifying financial and organizational arrangements between the two institutions.