It is essential to ensure that our financial system is well capitalised, liquid and resilient, in dealing with the challenges to financial stability and avoiding future financial crises. This holds particularly for Europe with its heterogeneous financial system.
We are currently  BIS central bankers’ speeches  5  experiencing a significant shift away from bank-intermediated finance and this process will continue in the future. A broadened toolkit is therefore required. We need the ability to take decisive and intrusive macroprudential policy decisions and a framework that is sufficiently broad to capture all relevant systemic institutions and activities.