Significant progress has been made in recent years in developing the EU’s macroprudential framework and much credit for this must go to institutions like the ECB, ESRB and European Commission, as well as national macroprudential authorities. The manner in which we now conduct macroprudential policy emerged in the context of the global financial crisis and recession.
Concluding remarks Let me finish with a final observation. The events of the last four to five years have placed pursuit of financial stability at the centre stage of policy makers domestically and internationally.