With that said, let me turn to the topics covered in our two sessions this afternoon. Current Financial Stability Risks and Vulnerabilities During the first session this afternoon, you will be discussing current financial stability risks and vulnerabilities as well as historical parallels.
Central banks have to actively communicate with the broader public, for three reasons: •  First, what used to be obscure and complex issue for monetary policy specialists are now mainstream news. Two years ago, few people had heard of central bank operations or intra-Eurosystem payment flows. These days, television talk shows debate the ECB’s long-term refinancing operations or TARGET2-balances.