(6)The ESRB is responsible for the macro-prudential oversight of the financial system within the Union and contributes to the prevention or mitigation of systemic risks in the Union as a whole or parts thereof, including identifying and discussing financial stability risks regardless of their origin. Monetary conditions may have implications for financial stability and it falls under the ESRB’s macro-prudential oversight mandate to discuss those implications while fully respecting the independence of central banks. The ESRB is also responsible for monitoring and assessing risks to financial stability arising from developments that can have an impact on a sectoral level or at the level of the financial system as a whole, including risks and vulnerabilities resulting from technological change or from environmental or social factors. The ESRB should also analyse developments outside the banking sector, including those leading to the completion of the capital markets union.