Important features should remain, such as the prominent role national authorities have in identifying systemic risk and designing policy measures, the effective cooperation across the euro area and ESRB and the appropriate acknowledgement of the implications of our policies in other dimensions and countries.
While the challenges we face are ever-changing, the foundations we have laid and the commitment shown over the past few years can give us some confidence going forward. 1  By the end of 2016, legislation formally establishing national macroprudential authorities had been passed in 26 Member States and there has been a very high level of effective operationalisation of the framework.