Lorenzo Bini Smaghi, a member of the European Central Bank's executive board, has noted that central bankers' new remit to issue risk warnings and policy recommendations as part of their role on the European Systemic Risk Board will differ substantially to their current work.

"The issuance of risk warnings, in the context of safeguarding financial stability - where the analysis is centred on the downside risks and thus on highly improbable events - differs substantially from other types of