Nuno Cassola, Christoffer Kok, Francesco Paolo Mongelli, (2019), «The ECB after the crisis: Existing synergies among monetary policy, macroprudential policies, and banking supervision », VoxEU, 20 December
In 2012, European leaders decided to establish a pan-European supervisory authority at the ECB, and in November 2014 direct banking supervision and an important role in financial stability were added to the monetary policy responsibilities of the central bank. The ECB has seen its responsibilities significantly expanded since the unfolding of the Global Crisis (2007-2009) and the subsequent euro area sovereign debt crisis (2010-2012).
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