Abstract
In recent years, many central banks have increased their focus on financial stability, as evidenced for example by the growing number of financial stability reports published by central banks. This text reviews this new area of central banks' work, concentrating on central banks' role in financial stability, definition of financial stability, objectives of financial stability reports, their role in central banks' accountability, links to other central central bank responsibilities, and the overall assessments presented in these reports. It identifies the main issues and challenges in this area of central bank work.
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