Integrated annual report 2023

Abstract

The policy framework in place over the last two decades has provided a valuable tool for facing complex times, and it will undoubtedly continue to help us in the future. The second milestone is related to our mandate for financial system stability. In 2023, the financial markets were more volatile, in the context of an uncertain and sensitive scenario marked by unexpected economic news. In March, global attention was focused on the collapse of Silicon Valley Bank and Signature Bank in the United States, followed by the collapse of Credit Suisse in Europe. This generated turmoil in the markets and caused investors to seek refuge, following on previous events in, for example, the United Kingdom. This brought to the fore some vulnerabilities that could have generated disruptions in the markets, but which were well contained with timely and coordinated responses from the authorities.