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The institutional and operational frameworks for macroprudential policy in the EU

Author

Listed:
  • Bologna, Pierluigi
  • van Hengel, Marco
  • D’Andrea, Angelo
  • Busurelo, Lucija
  • Gawart, Karolina
  • Grecu, Robert
  • Lagaria, Katerina
  • Liebeg, David
  • Lima, Diana
  • Löhe, Sebastian
  • Palicz, Alexandr
  • Reginster, Alexandre
  • Coelho, Pedro Sousa
  • Tumino, Marcello
  • Uzum, Leonard
  • Vauhkonen, Jukka
  • Vignat, Paul
  • Naser, Safwan

Abstract

After the global financial crisis, all EU countries have developed within their jurisdictions a dedicated macroprudential pillar of financial oversight, in line with EU regulations and recommendations. However, governance structures differ, reflecting country-specific rationales and path-dependent choices. This paper provides an overview of the various institutional and operational frameworks for macroprudential policy in EU countries. This overview aims to deliver insights on the key aspects of these frameworks and their impact on the use of macroprudential policy. The analysis is based on i) a literature review, ii) a stocktaking exercise based on a survey among EU Member States and iii) country deep dives. JEL Classification: G18, G28

Suggested Citation

  • Bologna, Pierluigi & van Hengel, Marco & D’Andrea, Angelo & Busurelo, Lucija & Gawart, Karolina & Grecu, Robert & Lagaria, Katerina & Liebeg, David & Lima, Diana & Löhe, Sebastian & Palicz, Alexandr &, 2026. "The institutional and operational frameworks for macroprudential policy in the EU," Occasional Paper Series 400, European Central Bank.
    • Handle: RePEc:ecb:ecbops:2026400
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    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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