This broad variety of institutions in evaluating financial stability raises the question, whether and to what extent there is a necessity for international cooperation in the communication of these assessments. Two different aspects have to be balanced in future discussions: Conflicting views and comments could confuse markets more than contribute to its  BIS central bankers’ speeches  1  stabilization.
On the other hand, it is important to guarantee independent analysis and communication in financial stability. The second challenge I would like to highlight, is the unexpected strength of spillovers into the real economy around the globe. Nearly all international financial institutions and national research institutes underestimated the dampening effects of the financial crisis on the real economy.