[15] Basel Committee on Banking Supervision and International Organization of Securities Commissions. Margin  Requirements for Non-centrally Cleared Derivatives, March 2015. [16] Committee on Payments and Market Infrastructure and International Organization of Securities Commissions,  Principles for Financial Market Infrastructures, April 2012. [17]See  ECB response to the European Commission’s consultation on the review of the European Market Infrastructure Regulation (EMIR), September 2015.
Overview of the main risks and vulnerabilities  III.1  External environment  Turning to the current assessment and starting with the external environment, a global source of medium-term risk for the stability of financial systems continues to be the large global financial imbalances, despite some rebalancing of global growth patterns and recent declines in oil prices [see slide 3].