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European Central Bank Governing Council member Axel Weber said on Thursday that central banks should give greater importance to financial market developments when assessing the risks to price stability and called for a suitable analytical framework to enforce financial stability.
"While I am opposed to enhancing the mandate of monetary policy and setting financial stability as an additional and independent target, I am in favor of strengthening the role of central banks in this area," Weber said at a conference held at the Central Bank of Luxembourg.
"Taking into account the wide range of information and data central banks collect in fulfilling their mandate, no other institution is better suited for taking the systemic macro-prudential view."
Weber, who is also the President of the Deutsche Bundesbank, pointed out that the German central bank had recently established a financial stability department to better serve this purpose. He also voiced his backing to the proposed European Systemic Risk Board (ESRB), which is intended to monitor the financial system of the European Union in order to prevent or to mitigate systemic risks to financial stability.
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