The FSOC will have financial stability policy responsibility, in the same way as the Monetary Policy Committee does for price stability, and will be able to hold to account various authorities or economic agents on actions to be taken to mitigate against / reduce systemic risk.
And unlike many other “hard” indicators, the sentiment indicators are not showing a pick-up in the pace of growth. Owing to the weaker developments in other parts of the world, growth in the euro area was driven primarily by domestic demand of late, and less so by exports.