The second is macro-prudential information on regulated and unregulated financial intermediaries. This comprises sufficiently granular aggregated micro-prudential information across countries and financial sectors, as well as individual information on large financial intermediaries.
While these reflections only provided a snapshot of the plethora of research currently being undertaken in the field of financial stability analysis, in my view these are some of the key elements. It also broadly reflects our own efforts here at the ECB to further develop and implement an appropriate financial stability analytical toolkit. This is the topic to which I now turn. 2.