Rather, it would be one key building block of how the review can enable the ECB’s monetary policy to better achieve its inflation aim and to better support sustainable growth and a higher level of employment in the coming years.
At a conceptual level, expressly empowering a governmental authority with responsibility to help contain systemic risks should, if implemented correctly, reduce the potential for large adverse shocks and limit the spillover effects of those shocks that do occur, thereby enhancing the resilience of the financial system.