BIS central bankers’ speeches  7  Since the outbreak of the financial crisis, policy makers have gradually placed more and more emphasis on a macro-prudential approach of financial regulation.
The first step in this process was the establishment of the Financial Stability Board as a global coordinating body which was followed by setting up authorities with explicit macro-prudential mandates at the national level as well. An important milestone in this process was the establishment of the ESRB in Europe last year.