BIS central bankers’ speeches  1  Systemic risk manifests itself in different ways. There is a time dimension, which refers to the accumulation of imbalances over time, and a cross-sectional dimension, which refers to how risk is distributed throughout the financial system at a given point in time. Procyclicality is the key issue in the time dimension.
Completing the banking union with confidence-building measures Instead of finalising the banking union to reap all its benefits, we have come to what seems to be a fork in the road, with some saying we should focus primarily on risk reduction, while others are emphasising the importance of risk sharing.