In this sense, the use of these policy tools should take account of both macro-financial and contagion aspects, and most likely will require a continuous interaction between the ESRB and the relevant supervisory and regulatory authorities. 2  BIS Review 166/2009  Progress has been made in laying out a framework for systemic risk surveillance and assessment.
The ESRB – or, for that matter, any other body responsible macro-prudential oversight – will aim at reducing systemic risk. The establishment of the ESRB but also the new EU supervisory architecture mean that vulnerabilities and potential sources of risk for the financial system will be detected in a timelier manner. This will foster better awareness of these risks and their potential implications.