I have argued that an effective institutional setup involves ensuring consistent decisions across the microprudential, macroprudential and monetary policy areas. Reflecting the economic rationale, the ECB has legal responsibilities in all three areas in accordance with the Treaty and the SSM Regulation.
EU-wide stress tests Before closing, allow me to deviate from financial stability frameworks to look at the related topic of the resilience of the financial system, and to focus on the resilience of the euro area banking system today. Last Friday the European Banking Authority (EBA) published the results of the 2018 EU-wide stress test.