It is my pleasure to welcome you to the fifth annual conference of the European Systemic Risk Board (ESRB).
Today's conference marks the first decade of the ESRB – although the pandemic has delayed our celebration by one year.
That decade has been one of important achievements. Most notably, macroprudential policy for banks has developed from an idea into a reality. But this morning I would like to look forward and ask: how can we prepare for the next decade?
There are known threats to financial stability which have always been on the ESRB's radar, such as unbridled risk-taking, stretched asset valuations and excessive credit growth. But today we are also facing new types of threats which could affect financial stability profoundly.
Two such threats stand out: climate change and cyber incidents. And both have common patterns. Both are global phenomena that do not stop at borders. Both are cross-sectoral, potentially affecting banks, insurers, investment funds and the markets that connect them. And both are complex, depending on many factors and actors.