What will be the activities of the ESRB and what is its value added? The ESRB will be expected to actively monitor the various sources of risk to financial stability in the EU – across countries and across financial sectors, and also taking into account global developments.
*  *  *  Ladies and gentlemen, Please allow me first of all to thank the European American Press Club for organising this event and giving me the opportunity to share with you some thoughts on the financial turbulence. I will describe, in this context, the steps taken by the European Central Bank.