The role of central banks throughout the EU has been considerably increased due to the challenges faced by banking systems in the wake of the Lehman Brothers’ failure. One manifestation of this increased role is that mandates have been amended to explicitly refer to financial stability as a core central bank task.
At the same time, the toolbox available has been expanded to include macro-prudential policy tools and enhanced micro-prudential policy tools both for the SSM and the national authorities. The Greek authorities are no exception to this trend.