Nevertheless, let me give you a flavour of the general approach to answers. There seems to be general agreement that financial stability is difficult to define in concrete and quantifiable terms to suit all contexts. The consensus is that financial stability is a condition in which the financial system can withstand shocks thereby reducing the probability of disruption or breakdown of the system.
Conversely, financial instability is a situation characterized by erosion of confidence in the financial system that results in market seizure, panic and collapse. There is also consensus around the view that the tool kit for safeguarding financial stability is macroprudential policy which throws sand in the wheels of financial exuberance and excessive credit build up.