Mark Carney supports Draghi in his plan for joint assessments of macro indicators

Brussels: Mark Carney will appear before ECON in his capacity as First Vice Chair of the European Systemic Risk Board. Opening statement at the European Parliament’s ECON Committee - Speech by Mark Carney:

- All member states, and more fundamentally all EU citizens, have a stake in EU financial stability. The ESRB helps deliver this foundation of prosperity.

- The financial crisis starkly illustrated how quickly risks could spill across borders, the need for wide-ranging reforms, and a new approach to addressing risks.

- With your leadership, the reform programme is substantially complete, and authorities are now implementing it to maximise its effectiveness.

- But durable financial stability requires more than microprudential standards that bolster the resilience of individual firms.

- It also requires a macroprudential perspective, with flexibility to respond to shocks wherever they occur; with higher standards for systemically important firms; and to increase levels of resilience when risks increase.

- The ESRB has been helping Member states fulfil these roles, and it remains alert to emerging vulnerabilities. As President Draghi recently described to this Committee, over the coming year, the ESRB will develop assessments of the macroprudential stances of Member States to complement its existing risk monitoring and focus on the risks of low interest rates on financial stability and an abrupt transition to a low-carbon economy.