The Treaty-makers did not provide either for specific financial stability-oriented instruments or for a dedicated financial stability institutional set-up at the Union level, if I abstract from the coordination role of the European Systemic Risk Board (ESRB). And without an objective and dedicated instruments, the Treaties could not have conferred on the ECB a stand-alone task.
In financial stability, thus, the ECB has only a limited, contributory role according to the Treaties. Financial stability in ECB law Financial stability: a protean concept The Treaties do not contain a definition of financial stability. Like price stability, financial stability is an objective of public policy.