ECB's Gonzalez-Paramo on financial stability

In this speech delivered in Istanbul on 28 June 2007, Jose Manuel Gonzalez-Paramo, a member of the Executive Board of the European Central Bank, admits that the "analytical foundations are relatively new, as evidenced by the absence of a universally accepted definition of stability."

He adds, however, that the ECB has "in place a robust approach to financial stability analysis based on an assessment of the condition of the financial system, the sources of risk that could arise and the ability

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