Macroprudential policy at the ECB: Institutional framework, strategy, analytical tools and policies

Bericht

This occasional paper describes how the financial stability and macroprudential policy functions are organised at the ECB. Financial stability has been a key policy function of the ECB since its inception. Macroprudential policy tasks were later conferred on the ECB by the Single Supervisory Mechanism (SSM) Regulation. The paper describes the ECB's macroprudential governance framework in the new institutional set-up. After reviewing the concept and origins of systemic risk, it reflects on the emergence of macroprudential policy in the aftermath of the financial crisis, its objectives and instruments, as well as specific aspects of this policy area in a monetary union such as the euro area. The ECB's responsibilities required new tools to be developed to measure systemic risk at financial institution, country and system-wide level. The paper discusses selected analytical tools supporting financial stability surveillance and assessment work, as well as macroprudential policy analysis at the ECB. The tools are grouped into three broad areas: (i) methods to gauge the state of financial instability or prospects of near-term systemic stress, (ii) measures to capture the build-up of systemic risk focused on country-level financial cycle measurement and early warning methods, and (iii) the ECB stress testing framework for macroprudential purposes.

Objekt anzeigen

• ISBN: 978-92-899-3692-7
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ECB Occasional Paper ; No. 227

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications ; Financial Aspects of Economic Integration ; Financial Institutions and Services: General ; Financial Institutions and Services: Government Policy and Regulation ; Regulated Industries and Administrative Law
• Thema: Financial stability ; financial imbalances ; macroprudential ; systemic risk ; stress testing ; financial regulation ; SSM ; ESRB ; monetary policy

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Cabral, Inês ; Detken, Carsten ; Fell, John P. C. ; Henry, Jérôme ; Hiebert, Paul ; Kapadia, Sujit ; Nicoletti-Altimari, Sergio ; dos Santos, Fátima P. ; Salleo, Carmelo ; Constâncio, Vítor
• Ereignis: Veröffentlichung
• (wer): European Central Bank (ECB)
• (wo): Frankfurt a. M.
• (wann): 2019

Weitere Informationen

• DOI: doi:10.2866/298464
• Handle: http://hdl.handle.net/10419/207613