The institutional and operational frameworks for macroprudential policy in the EU

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

No 400, Occasional Paper Series from European Central Bank

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

Keywords: financial stability; governance; institutional framework; macroprudential policy (search for similar items in EconPapers)
Date: 2026-10
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbops:2026400

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