Taking into account, for example, the subsequent progress in globalization, this scenario cannot be simply applied  1  Correia, S., Luck, S., and Verner, E., "Pandemics Depress the Economy, Public Health Interventions Do Not: Evidence from the 1918 Flu," Working Paper, 2020. 7  to the case of COVID-19.
Therefore, to be able to monitor, assess and mitigate systemic risk, policy-makers have been working on creating new tools for a new policy area, namely giving a macro-prudential orientation to financial regulation and supervision. The European Systemic Risk Board (ESRB) was established as the main body for macroprudential oversight and surveillance of EU financial markets.