3 In the euro area, the need for clear communication is heightened by the multilingual and multicultural environment. Consistent interpretation of the ECB’s decisions by the various national audiences requires the establishment of common terms of reference and their adaptation to the specific national contexts. The national central banks play a key role.
Risk culture is important today because the complexity of modern financial instruments makes it possible for even a single, unsupervised trader to gamble and lose, the entire capital of a firm. A good example of recent failure of risk culture is that of the National Australia Bank.