Then, we – the Bundesbank – monitor and evaluate the implementation. But why do we need our own national infrastructure when we already have the ESRB? Despite the financial sector having a strong international focus, the nation-state is still of key importance.
Risks to financial stability are heavily affected by national factors such as the structure of the financial market, bank customers’ economic situation, financing requirements in the real economy or the national legal and fiscal system. It is thus essential that macroprudential oversight gives adequate consideration to national factors. It is for this reason that Germany, too, needs its own infrastructure.