The collective responsibility to contribute to these policies follows from the financial stability task of the national central banks. This involvement in financial stability is a natural reflection of other tasks, including monetary policy, payment systems and – to varying extent – banking supervision. Monetary policy relies on financial stability in order to be effective.
In addition, in exercising oversight over national payment systems, central banks guard against systemic risks that could be transmitted via these systems. There are therefore clear synergies between financial stability and other tasks. Central to these synergies is the wealth of knowledge on the financial system through the central bank´s active presence in financial markets.