*  *  *  Let me start by thanking the Central Bank of Turkey for having provided the opportunity to present my views on financial stability, likely the most discussed policy issue these days. I shall not dwell on the description of where financial markets and economies stand today as this is well known by this audience.
Instead, I shall discuss the evolution of financial stability frameworks in general – and in the EU in particular – and, profiting from the ongoing financial markets crisis, I shall draw lessons that could guide us in enhancing the EU framework of financial stability.