Hence, central banks have an important role to ensure that the possible formation of asset price bubbles that may threaten financial stability are kept in check. The increasing interdependence of economies and the interconnectedness of the global financial system have led to significant initiatives aimed at safeguarding financial stability, including the development of standards that are material in strengthening the global financial system.
In particular, the creation of the SSM has added an entirely new dimension to future euro area accession processes. At the same time, experience from the crisis has sharpened the views of policymakers, both in the current euro area member states as well in the non-euro area members, on what it takes for an individual country to participate smoothly in a monetary union.