Other European authorities, such as the European Banking Authority, European Securities and Markets Authority, and European Insurance and Occupational Pensions Authority, also contribute to the ESBR’s work. National authorities play a crucial role in macroprudential policy. Under the EU’s legislative concept, macroprudential policy is also a national policy. The European perspective complements the national one.
Five years ago, governments from nearly 200 countries made a promise. To keep the earth safe and inhabitable for future generations. Today, we must face the fact that we are running behind schedule to deliver on that promise. The tragedy is that the tragedy is no longer at the horizon. The tragedy is now.