Indeed, they said, to safeguard the international financial system from systemic risk, the main priority was promoting an “industry-led” effort to improve internal risk management and related systems.
[33] For details on the evolution of the ECB monetary policy strategy and action, see Rostagno, Altavilla, Carboni, Lemke, Motto, Saint Guilhem, and Yiangou (2019), “A tale of two decades: the ECB’s monetary policy at 20,” ECB Working Paper no. 2346; and Hartmann and Smets (2018), “The rst twenty years of the European Central Bank: monetary policy,” ECB Working Paper no. 2219.