The European Central Bank and financial stability: a quarter of a century of evolution and transformation (1998-2023)
Bibliographic record
Abstract
This article examines the evolution of the mandate and tasks of the European Central Bank (ECB) in the field of financial stability since its establishment in 1998. Over this period, the significance of the ECB’s financial stability function has increased markedly, in parallel with the growth of macroprudential policy and driven by the institutional reforms stemming from the creation of the European Systemic Risk Board in 2010 and the start of the Single Supervisory Mechanism (SSM) in 2014. To carry out its tasks, the ECB has a Financial Stability Committee, which is made up of representatives of the central banks and banking supervisory authorities of the SSM area – including the Banco de España – , that acts as an internal forum for the ECB’s governing bodies to prepare issues relating to the analysis of risks and vulnerabilities and national macroprudential policies in the banking union. Lastly, an overview is provided of the main ECB publications and public interventions in this field.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.004 | 0.006 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.002 | 0.007 |
| Science and technology studies | 0.001 | 0.003 |
| Scholarly communication | 0.006 | 0.005 |
| Open science | 0.000 | 0.002 |
| Research integrity | 0.004 | 0.003 |
| Insufficient payload (model declined to judge) | 0.004 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".