More concretely, we structure our financial stability analysis in the usual way with three broad elements. The first entails an identification of important sources of system-wide vulnerabilities based on an analysis of the individual and collective strength of the different parts of the financial system – institutions, markets and infrastructures.
One has to determine what central bank measures are and what are not, and ensure that the core responsibilities and independence of the central banks are not overwhelmed or compromised. Things will have to be done differently: central banks need to create better levels of knowledge and skill− perhaps also collect different data − or change the way in which they look at data.