Maintaining financial stability in a changing financial system is a difficult task and, realistically, financial crises will occur in the future despite our best efforts to prevent them. Addressing these issues requires a delicate balance between markets and policy intervention and requires recognition of the important macroeconomic implications for central banks.
In order to strengthen, in this new context, the safeguards for savings invested in securities, steps must be taken to ensure more effective controls on financial markets and firms issuing securities, if necessary by forging Europe-wide links. 2.