See ECB (2016), “The Household Finance and 3/4  BIS central bankers' speeches  Consumption Survey: methodological report for the second wave”, Statistics Paper Series No 18, ECB, Frankfurt am Main, December.
The importance of the financial system1  Before considering this new framework in more detail, let me first emphasise that the role of institutional risk managers and institutional-specific risk control frameworks is more significant than simply protecting an individual institution from failure: the concerted efforts of risk managers, regulators and central bankers can – and indeed must – ensure the resilience of the entire financial system.