A key objective of the ESRB is to link systemic risk analysis with appropriate policy responses. The analytical work will focus on identifying, measuring and assessing the potential sources of systemic risks on the basis of broad and deep information, and on applying a wide range of analytical tools to process the relevant data.
Research on the effects  of monetary policy normalisation on the risk-taking channel for investment funds, pension funds, and insurance companies and on the risk of liquidity stress in markets is, I think, necessary for improving our understanding of how to preserve financial stability in the current context. The second issue is the potential spillover effects of monetary normalisation on emerging markets.