The ESRB for its part will consider financial institutions, markets, products and infrastructures. It will have a horizontal focus, across countries, across sectors and across the boundaries between the financial sector and the real economy. Understanding interlinkages and spillovers will be at the core of its analysis.
While businesses are becoming more confident, they remain wary. When we talk with companies, many tell us that planned increases in investment are modest, or related to maintenance, rather than to expansion.