This procedure is widely followed internationally, one example being the Office of Management and Budget in the United States, which is required by law to evaluate legislation with a substantial financial impact, while in Switzerland, policy evaluation is even enshrined in the national constitution. In this connection, let me revisit the FSC recommendation I referred to earlier.
As the title of the conference indicates, we will do so at three different levels: responsibilities, strategies and instruments. The most general level is the question of responsibility. Clearly, central banks are – if not by intention then at least by necessity – also responsible for financial stability.