The FSB's vulnerabilities assessment therefore builds on those analyses. With these four guiding principles, I have given you a brief and mainly theoretical outline of the FSB's financial stability surveillance framework. I hope that this approach, this way of thinking about how to enhance the resilience of the global financial system, provides you with some stimulus for today's discussions.
But what does it look like when we actually apply this framework? To illustrate this, allow me to touch on several of the key FSB priorities that are also on your agenda today. First, I will focus on the cyclical vulnerabilities that emerge from the current outlook.