A second main orientation of MaRs has been to develop early warning systems and systemic risk indicators further. Many of the tools it developed are already used in ESCB members’ policy work.
For example, the Composite Indicator of Systemic Stress (short CISS),3 which was developed here at the ECB, has been used in our Financial Stability Review and has now been included in the new Risk Dashboard that the ESRB released after its last meeting in September.4 Research in this direction has also led to the creation of a homogeneous database of various types of crisis in EU countries.