Central banks, including the ECB, have to a great extent been effective in identifying the weaknesses and risks to the financial system that materialised as the turmoil unfolded. Such warnings may be found, for instance, in many past issues of the ECB Financial Stability Review.
In this context, the ECB also recognises the need to further enhance cooperation between central banks and supervisors which could entail the use of supervisory information to enrich financial stability assessments, and the translation of such assessments into tangible supervisory action.