More broadly, we are working to develop and operationalise a framework for macroprudential policy in the non-bank sector with our European and international partners.
International coordination is essential for such a framework and we will continue to push this agenda in EU and international fora (like the ESRB, FSB, and IOSCO) to intensify the monitoring of vulnerabilities, including work to obtain a more complete picture of leverage in the financial system and addressing data and policy gaps.