The ESRB and macroprudential policy in the EU

Frank Dierick and Francesco Mazzaferro

Focus on European Economic Integration, 2018, issue Q3-18, 131-140

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.

Keywords: European Systemic Risk Board; financial stability; macroprudential policy (search for similar items in EconPapers)
JEL-codes: G18 G28 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (3)

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