I will conclude by discussing elements of an evaluation process which ensure independence and transparency. 1)  What causes financial crises? A stable financial system is consistently in a position to absorb both financial and real economic shocks, especially when confronted with unforeseen events, in stress situations and in periods of structural adjustment.
A resilient financial system is able to absorb losses from unexpected developments, it prevents contagion and adverse feedback effects. Seite 2 von 13 Deutsche Bundesbank, Directorate General Communications Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Germany, Tel: +49 (0)69 9566 3511 or 3512, Fax: +49 (0)69 9566 3077 presse@bundesbank.de, www.bundesbank.de Reproduction permitted only if source is stated.