Practically all major Central Banks now publish special Reports on Financial Stability making clear that they see it as something that falls within there sphere of competence. There is some ambiguity about the definition of financial stability but two main meanings stand out.
One, more fundamental, follows Mishkin (1991) 3 and defines financial stability as a situation where the financial system is able to ensure in a lasting way, and without major disruptions, an efficient allocation of savings to investment opportunities. In another sense, financial stability refers to absence of a major misalignment of asset prices that can threaten future disruption of markets and the real economy.