In pursuing the goal of monetary stability the central banks necessarily also consider the aspects relating to financial stability; in the case of the ECB this is recognized in specific provisions of the European Treaty (e.g. Article 105(5)). In view of their institutional competences the NCBs have developed the capabilities, skills and toolkits needed to analyze the stability of the financial system.
The new Board must, from its inception, be firmly anchored to the ECB in order to benefit from the latter’s well-established reputation and the direct contribution of the specialist technical and operational know-how needed to monitor the financial stability of the EU area.