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The ESRB and macroprudential policy in the EU

Author

Listed:
  • Frank Dierick
  • Francesco Mazzaferro

Abstract

Since its establishment, the European Systemic Risk Board (ESRB) has undertaken important work in fostering a coherent macroprudential framework for the EU and in helping make it operational. The groundwork for such a framework was laid by setting up national macroprudential authorities in all EU Member States and spelling out their mandate and tasks. The next step consisted in making the concept of macroprudential supervision more precise by identifying intermediate objectives of macroprudential policy and designating macroprudential instruments. Initially, the ESRB focused on the banking sector but, over the past few years, considerable work has also been undertaken on nonbank financial sectors. One of the very first areas the ESRB dealt with was systemic risk resulting from lending in foreign currencies, an area particularly relevant for countries in Central, Eastern and Southeastern Europe (CESEE). Some CESEE Member States have also been most active in implementing macroprudential policies in the EU.

Suggested Citation

  • Frank Dierick & Francesco Mazzaferro, 2018. "The ESRB and macroprudential policy in the EU," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3-18, pages 131-140.
    • Handle: RePEc:onb:oenbfi:y:2018:i:q3-18:b:12
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    File URL: https://www.oenb.at/dam/jcr:c97fc02b-f06d-4bcb-9d7b-09f60ac0b07b/12_The_ESRB_feei_2018_q3.pdf
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    References listed on IDEAS

    as
    1. Lang, Jan Hannes & Welz, Peter, 2017. "Measuring Credit Gaps for Macroprudential Policy," Financial Stability Review, European Central Bank, vol. 1.
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    Cited by:

    1. Adina Criste & Iulia Lupu, 2021. "An Overview of Macroprudential Policy in the European Union Countries in the Last Decade," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 76-81, August.
    2. Michaela Posch & Stefan W. Schmitz & Katharina Steiner & Eva Ubl, 2019. "The case for macroprudential policy as a stabilizing tool for the euro area," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue Q1-Q2/19, pages 124-138.
    3. Mariarosaria Comunale & Markus Eller & Mathias Lahnsteiner, 2018. "Has private sector credit in CESEE approached levels justified by fundamentals? A post-crisis assessment," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3-18, pages 141-154.

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    More about this item

    Keywords

    European Systemic Risk Board; financial stability; macroprudential policy;
    All these keywords.

    JEL classification:

    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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