In addition, the risks for Europe stemming from global sources will also need to be considered, also in coordination with the IMF and the FSB. The financial stability monitoring in the EU as a whole will provide significant analytical and informational challenges.
A large part of the effectiveness of the ESRB will rely on the quality and solidity of the analysis and information underlying its financial stability assessments. It will be important to set-up efficient arrangements between the ESRB and the new European Supervisory Authorities for the mutual cooperation and exchange of information, as foreseen in the Commission’s legislative proposals.