An effective macro-prudential framework aims at delivering a thorough analysis of systemic risks, as well as the formulation of appropriate policies to address such risks identifying, in a timely fashion, the emergence and build up of critical vulnerabilities, and deciding on effective (pre-emptive) intervention. In Europe a new body will be set up: the European Systemic Risk Board (ESRB).
Financial System Supervision In 2017, as in all past years, the financial system of our country continues to be stable as a result of prudent oversight and management by boards and management teams of the respective licensed financial institutions (LFIs). This is testament of our strong supervisory enforcements 1/4  BIS central bankers' speeches  and our continuous prudential consultations with the LFIs.