The proposed establishment of a European Systemic Risk Board next year is a very important initiative in this regard. Ensuring systemic stability will also alleviate undue pressures on monetary and fiscal policies to extend financial safety nets.
The standard macroeconomic stabilisation policies can then focus more clearly  22  I have drawn out the ECB’s strategy in the face of the financial crisis and our strategic plans on the way back to normalisation on several occasions in the past few months.