In Europe, the proposed composition of the European Systemic Risk Board (ESRB) with the inclusion of the Commission and the 3 ESA  2  BIS Review 54/2010  representatives should ensure that this may not become a problem, guaranteeing at the same time the necessary coordination between the micro and macro levels.
In addition, and crucial for the medium term, two factors support the view that wage developments are less of a risk than was previously the case. First, the slowdown in economic activity should contribute to containing inflationary pressure stemming from the labour market.