Further advances are particularly needed in the fields of macro-prudential policy and regulation, and the Eurosystem aims to continue contributing to a filling of this knowledge gap, in particular via its Macroprudential Research Network and its involvement with the European Systemic Risk Board.
These potential threats are mostly the result of maturity and liquidity transformation, the build-up of leverage and credit risk transfer conducted outside the perimeters of bank regulation. All these activities are not evil per se, but the ensuing systemic risk needs to be contained. All activities must be made transparent, in particular vis-à-vis supervisory authorities, and they need to be adequately regulated.