Probably our best defense against complacency during extended periods of calm is careful monitoring for signs of emerging vulnerabilities and, where appropriate, the development of macroprudential and other policy tools that can be used to address them. The Federal Reserve’s financial stability monitoring program So, what specifically does the Federal Reserve monitor?
BIS central bankers’ speeches  5  •  It also means establishing a banking union, encompassing both a single supervisory mechanism for systemically important financial institutions and a clear-cut resolution and restructuring regime. The necessity to recognise and acknowledge a banking union is without a doubt one of the greatest lessons learned from the euro-area crisis.