Macroprudential Bulletin

2016 - 2025

From European Central Bank
60640 Frankfurt am Main, Germany.
Contact information at EDIRC.
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2025, volume 28

Geopolitical risk and its implications for macroprudential policy

Markus Behn, Jan Hannes Lang and Alessio Reghezza

2025, volume 27

Cyber resilience stress testing from a macroprudential perspective

Robert Vermeulen, Matthias Sydow, Claire Brousse, Fernando Cascão, Jose Fique, Carla Marques, Juho Nyholm and Fleurilys Virel

2025, volume 26

System-wide implications of counterparty credit risk

Claudio Barbieri, Maciej Grodzicki, Grzegorz Hałaj and Riccardo Pizzeghello

The impact of minimum haircuts on non-bank leverage in the euro area

Michael Grill, Felix Hermes and Michael Wedow

Measuring synthetic leverage in interest rate swaps

Annalaura Ianiro, Agnese Leonello and Dario Ruzzi

Leveraged investment funds: A framework for assessing risks and designing policies

Antoine Bouveret, Massimo Ferrari, Michael Grill, Luis Molestina Vivar, Daniel Jonas Schmidt and Christian Weistroffer

Strengthening risk monitoring and policy for non-bank leverage

Michael Grill, Luis Molestina Vivar, O’Donnell, Charles, Michael Wedow and Christian Weistroffer

2024, volume 25

Mapping the maze: a system-wide analysis of commercial real estate exposures and risks

Pierce Daly, Ellen Ryan and Oscar Schwartz Blicke

2024, volume 24

The importance of being positive: costs and benefits of a positive neutral rate for the countercyclical capital buffer

Luis Herrera-Bravo, Mara Pirovano and Valerio Scalone

2023, volume 23

An opportunity to review and improve the EU’s bank crisis management framework

Joachim Eule

Policy options to address window dressing in the G-SIB framework

Pär Torstensson and Peter Welz

2023, volume 22

Implications for macroprudential policy as the financial cycle turns

Markus Behn and Jan Hannes Lang

2023, volume 21

A positive neutral rate for the countercyclical capital buffer – state of play in the banking union

Markus Behn, Ana Pereira, Mara Pirovano and Alessandra Testa

2023, volume 20

The growing role of investment funds in euro area real estate markets: risks and policy considerations

Pierce Daly, Lennart Dekker, O’Sullivan, Sean, Ellen Ryan and Michael Wedow

2022, volume 19

Commercial real estate and financial stability – new insights from the euro area credit register

Ellen Ryan, Aoife Horan and Barbara Jarmulska

The transmission and effectiveness of macroprudential policies for residential real estate

Eugen Tereanu, Markus Behn, Jan Hannes Lang and Marco Lo Duca

The analytical toolkit for the assessment of residential real estate vulnerabilities

Barbara Jarmulska, Emil Bandoni, Jan Hannes Lang, Marco Lo Duca, Cristian Perales and Marek Rusnák

Real estate markets, financial stability and macroprudential policy

Jan Hannes Lang, Markus Behn, Barbara Jarmulska and Marco Lo Duca

2022, volume 18

Mining the environment – is climate risk priced into crypto-assets?

Isabella Gschossmann, Anton van der Kraaij, Pierre-Loïc Benoit and Emmanuel Rocher.

Stablecoins’ role in crypto and beyond: functions, risks and policy

Mitsu Adachi, Pedro Bento Pereira Da Silva, Alexandra Born, Massimo Cappuccio, Stephanie Czák-Ludwig, Isabella Gschossmann, Antonella Pellicani, Sarah-Maria Philipps, Mirjam Plooij, Ines Rossteuscher and Pierfrancesco Zeoli

A deep dive into crypto financial risks: stablecoins, DeFi and climate transition risk

Alexandra Born and Josep M. Vendrell Simón

2022, volume 17

Does the disclosure of stress test results affect market behaviour?

Aurea Marques, Cosimo Pancaro, Agha Durrani, Giacomo Giraldo, Jiri Panos and Alina Zaharia

Using the ECB macroprudential stress testing framework for policy assessment – lessons learned from the COVID-19 pandemic

Katarzyna Budnik, Ivan Dimitrov, Johannes Groß and Andrea Caccia

System-wide amplification of climate risk

Tomasz Dubiel-Teleszynski, Fabio Franch, Gábor Fukker, Debora Miccio, Michela Pellegrino and Matthias Sydow

Using regulatory stress tests to support prudential policy-making

Katarzyna Budnik

2022, volume 16

Mind the liquidity gap: a discussion of money market fund reform proposals

Michael Grill, Luis Molestina Vivar, Christian Mücke, O’Donnell, Charles, O’Sullivan, Sean, Michael Wedow, Moritz Weis and Christian Weistroffer

2021, volume 15

Travelling down the green brick road: a status quo assessment of the EU taxonomy

Lucia Alessi, Stefano Battiston and Ana Sofia Melo

The challenge of capturing climate risks in the banking regulatory framework: is there a need for a macroprudential response?

Ivana Baranović, Iulia Busies, Wouter Coussens, Michael Grill and Hannah S. Hempell

2021, volume 14

Macroeconomic impact of Basel III finalisation on the euro area

Katarzyna Budnik, Ivan Dimitrov, Johannes Groß, Max Lampe and Matjaž Volk

2021, volume 13

What makes banks adjust dividend payouts?

Marco Belloni, Maciej Grodzicki and Mariusz Jarmuzek

Evaluating the impact of dividend restrictions on euro area bank valuations

Desislava Andreeva, Paul Bochmann, Jonas Mosthaf and Julius Schneider

Evaluating the benefits of euro area dividend distribution recommendations on lending and provisioning

Ernest Dautović, Aurea Marques, Alessio Reghezza, Rodriguez d’Acri, Costanza, Diego Vila Martín and Nadya Wildmann

System-wide measures on banks’ distributions – motivations and challenges

Eleni Katsigianni, Kamil Klupa, Marcello Tumino and Balázs Zsámboki

2021, volume 12

A theoretical model analysing investment funds’ liquidity management and policy measures

Margherita Giuzio, Michael Grill, Dominika Kryczka and Christian Weistroffer

The suspensions of redemptions during the COVID 19 crisis – a case for pre-emptive liquidity measures?

Michael Grill, Luis Molestina Vivar and Michael Wedow

How effective is the EU Money Market Fund Regulation? Lessons from the COVID 19 turmoil

Laura-Dona Capotă, Michael Grill, Luis Molestina Vivar, Niklas Schmitz and Christian Weistroffer

Liquidity transformation by investment funds: structural fault line or desirable financial transformation? A systemic perspective

Michael Grill, Seán O´Sullivan, Michael Wedow and Christian Weistroffer

2020, volume 11

Enhancing macroprudential space when interest rates are “low for long”

Matthieu Darracq Paries, Christoffer Kok and Matthias Rottner

Financial market pressure as an impediment to the usability of regulatory capital buffers

Desislava Andreeva, Paul Bochmann and Cyril Couaillier

Buffer use and lending impact

Marcin Borsuk, Katarzyna Budnik and Matjaž Volk

Macroprudential capital buffers – objectives and usability

Markus Behn, Elena Rancoita and Rodriguez d’Acri, Costanza

2020, volume 10

A regulatory and financial stability perspective on global stablecoins

Mitsutoshi Adachi, Matteo Cominetta, Christoph Kaufmann and Anton van der Kraaij

2019, volume 9

Investigating initial margin procyclicality and corrective tools using EMIR data

Matteo Cominetta, Michael Grill and Audrius Jukonis

Is leverage driving procyclical investor flows? Assessing investor behaviour in UCITS bond funds

Luis Molestina Vivar, Michael Wedow and Christian Weistroffer

The disciplining effect of supervisory scrutiny on banks’ risk-taking: evidence from the EU wide stress test

Christoffer Kok, Carola Müller and Cosimo Pancaro

On the interaction between different bank liquidity requirements

Markus Behn, Renzo Corrias and Magdalena Rola-Janicka

Bank capital-at-risk: measuring the impact of cyclical systemic risk on future bank losses

Jan Hannes Lang and Marco Forletta

2019, volume 8

The macroeconomic impact of changes in economic bank capital buffers

Derrick Kanngiesser, Reiner Martin, Diego Moccero and Laurent Maurin

Thinking beyond borders: how important are reciprocity arrangements for the use of sectoral capital buffers?

David Cantone, Nadya Wildmann and Elena Rancoita

Understanding the specific features of the CCyB and the SCCyB − evidence from the 3D DSGE model

Nadya Wildmann and Mara Pirovano