Pro-cyclicality and interconnectedness in the financial sector – the European perspective

Presentation by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the "Monetary, Financial, and Prudential Policy Interactions in the Post-Crisis World" conference organised by BoE/HKMA/IMF in Washington D.C., 9 November 2017