Instead, various actors at national, supranational and international level are given different roles and responsibilities in pursuing financial stability. Finance ministries, supervisors, expert bodies (the ESRB, national macroprudential committees and/or regulators which diverge widely in terms of their powers and composition), central banks and the Baselbased Financial Stability Board have all been ascribed a role in financial stability.
Considerable optimism about the ability of businesses to sustain this current healthy financial condition seems, as I indicated earlier, to be influencing the setting of risk premiums, not just in the stock market but throughout the financial system.