Second, it is important that within our relatively complex institutional framework, the ESRB, the three European Supervisory Authorities and the national authorities collaborate effectively. Information-sharing is key. It has been insufficient in the past. Will it change in the future? Third, the creation of an EU rule book is, of itself, not enough.
“The financial system should neither cause nor amplify a downturn in overall economic activity, and should perform its functions even in periods of stress.” Our definition of “financial stability” may have sounded abstract up until now – but the pandemic has shown in very tangible terms how important a functioning financial system is for the economy.