Going forward, I see three main priorities for macroprudential policy: First, strengthening resilience in the financial system and following the warning issued recently by the ESRB (Europäische Ausschuss für Systemrisiken) should be the priority. Risks to financial stability have risen, given the severe downside risks to growth.
This is a case in point to show that, while we should be vigilant about any possible crises in the future, there is no need to shrink from excessive concerns beforehand.