Macroprudential coverage in Europe – the longer term is dependent upon what we do right this moment

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It’s my pleasure to welcome you to the fifth annual convention of the European Systemic Threat Board (ESRB).

Immediately’s convention marks the primary decade of the ESRB – though the pandemic has delayed our celebration by one 12 months.

That decade has been considered one of vital achievements. Most notably, macroprudential coverage for banks has developed from an thought right into a actuality. However this morning I want to look ahead and ask: how can we put together for the following decade?

There are identified threats to monetary stability which have all the time been on the ESRB’s radar, corresponding to unbridled risk-taking, stretched asset valuations and extreme credit score development. However right this moment we’re additionally going through new sorts of threats which may have an effect on monetary stability profoundly.

Two such threats stand out: local weather change and cyber incidents. And each have frequent patterns. Each are international phenomena that don’t cease at borders. Each are cross-sectoral, doubtlessly affecting banks, insurers, funding funds and the markets that join them. And each are advanced, relying on many elements and actors.

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