Skip to main content
SpringerLink
Log in
Book cover

Bank Risk, Governance and Regulation pp 182–205Cite as

Palgrave Macmillan

Towards a Macroprudential Policy in the EU

  • Chapter

Abstract

The financial crisis has led to the re-examination of policies for macroeconomic and financial stability and the development of a macroprudential policy (MAP) in a number of countries. This chapter depicts the state of the art of macroprudential policies with specific reference to the case of the European Union and the new supervisory architecture created by the introduction of the Single Supervisory Mechanism (SSM) in November 2014. The aim is to evaluate the current European supervisory architecture, focusing on the main challenges ahead, with specific reference to the development of MAP. The main research question regards the achievements and limits of the current supervisory architecture in the European Union (EU), concentrating in particular on the critical issues affecting the development of MAP.

This is a preview of subscription content, log in via an institution.

Chapter
USD   29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD   109.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Hardcover Book
USD   139.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Learn about institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Agur, I. and S. Sharma (2013) ‘Rules, Discretion, and Macro-Prudential Policy’, IMF, Working Paper, 13/65, March.

    Google Scholar 

  • Angelini, P., S. Neri and F. Panetta (2011) ‘Monetary and Macroprudential Policy’, Banca d’Italia, Temi di Discussione, No. 801, March.

    Google Scholar 

  • Angelini, P., S. Nicoletti-Altimari and I. Visco (2012) ‘Macroprudential, micro-prudential and monetary policies: Conflicts, complementarities and trade-oils’, Banca d’Italia, Quaderni di Economia e Finanza, No. 140, November.

    Google Scholar 

  • Angeloni, I. and E. Faia (2013) ‘Capital regulation and monetary policy with fragile banks’, Journal of Monetary Economics, 60(3): 311–24.

    Article  Google Scholar 

  • Bank of England (2011) ‘Instruments of macroprudential policy’, Bank of England, Discussion Paper, December.

    Google Scholar 

  • Bank of England (2013) ‘The Financial Policy Committee’s powers to supplement capital requirements’. A Draft Policy Statement, January.

    Google Scholar 

  • Bernanke, B., M. Gertler and S. Gilchrist (1999) ‘The Financial Accelerator in a Quantitative Business Cycle Framework’, in J. Taylor and M. Woodford, eds., Handbook of Macroeconomics, Amsterdam, North Holland.

    Google Scholar 

  • Borio, C. (2003) ‘Towards a macroprudential framework for financial supervision and regulation?’ BIS Working Papers, No. 128, February.

    Google Scholar 

  • Borio, C. (2010) ‘Implementing a macroprudential framework: Blending boldness and realism’, BIS, 22 June.

    Google Scholar 

  • Borio, C. (2013) ‘Macroprudential policy and the financial cycle: Some stylized facts and policy suggestions’, IMF Rethinking Macro Policy II Conference, First Steps and Early Lessons, April, 16–17.

    Google Scholar 

  • Borio, C. and W. White (2004) ‘Whither Monetary and Financial Stability? The Implications of Evolving Financial Regimes’, BIS Working Papers, No. 147, February.

    Google Scholar 

  • Caruana, J. and B.H. Cohen (2014) ‘Five questions and six answers about macroprudential policy’, Banque de France, Financial Stability Review, No. 18, April 2014.

    Google Scholar 

  • Cecchetti, S. and L. Li (2008) ‘Do Capital Adequacy Requirements Matter for Monetary Policy?’, Economic Inquiry, 46: 643–59, October.

    Article  Google Scholar 

  • Committee on the Global Financial System (CGFS), BIS (2010) ‘Macroprudential instruments and frameworks: A stocktaking of issues and experiences’, Report submitted by the Committee on the Global Financial System, BIS CGFS Papers, No. 38.

    Google Scholar 

  • Committee on the Global Financial System (CGFS), BIS (2012) ‘Operationalising the selection and application of macroprudential instruments’, Report submitted by a Working Group established by the Committee on the Global Financial System, BIS CGFS Papers No 48.

    Google Scholar 

  • Constâncio, V. (2014) ‘The ECB and Macro-prudential policy: from research to implementation’, Speech by the vice president of the ECB, at the Third Conference of the Macro-prudential Research Network, Frankfurt-am-Main, 23 June 2014.

    Google Scholar 

  • Crockett, A.D. (2000) ‘Marrying the micro- and macro-prudential dimensions of financial stability’, Remarks before the Eleventh International Conference of Banking Supervisors, held in Basel, 20–21 September 2000.

    Google Scholar 

  • Davis, E.P and D. Karim (2009) ‘Macroprudential regulation. The missing policy pillar’, Keynote address at the 6th Euroframe Conference on Economic Policy Issues in the European Union, 12th June 2009, Causes and consequences of the current financial crisis, what lessons for EU countries?

    Google Scholar 

  • European Systemic Risk Board (ESRB) (2011a) ‘Decision of the European Systemic Risk Board of 21 September 2011 on the provision and collection of information for the macro-prudential oversight of the financial system within the Union’, (ESRB/2011/6), (2011/C 302/04), Official Journal of the European Union, 13 October, 2011.

    Google Scholar 

  • European Systemic Risk Board (ESRB) (2011b) ‘Recommendation of the European Systemic Risk Board of 22 December 2011 on the macro-prudential mandate of national authorities’, (ESRB/2011/3), (2012/C 41/01), Official Journal of the European Union, 14 February 2012.

    Google Scholar 

  • European Systemic Risk Board (ESRB) (2012) ‘The macro-prudential mandate of national authorities’, Macro-prudential Commentaries, (2) March 2012.

    Google Scholar 

  • European Systemic Risk Board (ESRB) (2013a) ‘The consequences of the single supervisory mechanism for Europe’s macro-prudential policy framework’, Reports of the Advisory Scientific Committee, No. 3/September.

    Google Scholar 

  • European Systemic Risk Board (ESRB) (2013b) ‘Recommendation of April 4, 2013, on Intermediate objectives and instruments of macroprudential policy’ (ESRB/2013/1), (2013/C 170/01), Official Journal of the European Union, 15 June.’

    Google Scholar 

  • Filardo, A. (2004) ‘Monetary policy and asset prices bubbles: calibrating the monetary policy trade-offs’, BIS Working Papers, No. 155, June.

    Google Scholar 

  • Financial Stability Board, International Monetary Fund, Bank of International Settlements (FRB-IMF-BIS) (2011) ‘Macroprudential tools and frameworks: update to G20 Finance Ministers and Central Bank Governors’, February.

    Google Scholar 

  • Galati, G. and R. Moessner (2011) ‘Macroprudential Policy — a literature review’, BIS Working Papers, No. 337, February.

    Google Scholar 

  • Galati, G. and R. Moessner (2014) ‘What do we know about the effects of macroprudential policy?’, DNB Working Paper, No. 440, September.

    Google Scholar 

  • Goodfriend, M. (2002) ‘Interest rate policy should not react directly to asset prices’, in W Hunter, G. Kaufman and M. Pomerlano, eds., Asset Price Bubbles: The Implications for Monetary, Regulatory and International Policies, Boston, MIT Press.

    Google Scholar 

  • Goodhart, C. and E. Perotti, (2013) ‘Preventive Macroprudential Policy’, Journal of Financial Management, Markets and Institutions, 1: 115–24.

    Google Scholar 

  • Gualandri, E. and M. Noera (2014a) ‘Rischi sistemici e regolamentazione macro-prudenziale’, in C. Bisoni, E. Gualandri, A. Landi and G. Lusignani, eds., Lo stato della fınanza. Scritti in onore di Marco Onado, II Mulino, Bologna.

    Google Scholar 

  • Gualandri, E. and M. Noera (2014b) ‘Monitoring Systemic Risk: A Survey of the Available Macroprudential Toolkit’, Cefin WP No. 50.

    Google Scholar 

  • Haldane, A. (2013) ‘Macroprudential Policies — When and how to use them’, IMF Rethinking Macro Policy II Conference, First Steps and Early Lessons, April, 16–17.

    Google Scholar 

  • HM Treasury (2012) ‘The Financial Service Bill: the Financial Committee’s macroprudential tools’, September.

    Google Scholar 

  • International Monetary Fund (IMF) (2011) Macroprudential Policy: An Organizing Framework, Washington, DC, March.

    Google Scholar 

  • International Monetary Fund (IMF) (2013a) The interaction of monetary and macroprudential policies, Washington, DC, January.

    Google Scholar 

  • International Monetary Fund (IMF) (2013b) Key aspects of macroprudential policy, Washington, DC, June.

    Google Scholar 

  • International Monetary Fund (IMF) (2013c) Research Bulletin, 14, No. 3, September.

    Google Scholar 

  • Lim, C, F. Columba, A. Costa, P. Kongsamut, A. Otani, M. Saiyid, T. Wezel and X. Wu, (2011) ‘Macroprudential Policy: What Instruments and How to Use Them? Lessons from Country Experiences’, IMF Working Paper 11/238, October.

    Google Scholar 

  • Onado, M. (2009) I nodi al pettine, Roma-Bari, Laterza.

    Google Scholar 

  • Panetta, F. (2013) ‘Macroprudential tools: Where do we stand?’, Banque Centrale du Luxembourg, presentation of the 2013 Financial Stability Review, Luxembourg, 14 May 2013.

    Google Scholar 

  • Panetta, F. (2014) ‘On the special role of macroprudential policy in the Euro area’, remarks by Fabio Panetta, deputy governor of the Bank of Italy, at the Netherlands Bank, Amsterdam, 10 June 2014.

    Google Scholar 

  • Viñals, J. (2013) ‘Making Macroprudential Policy Work’, remarks by, Brookings Event, International Monetary Fund, 16 September.

    Google Scholar 

Download references

Authors
  1. Elisabetta Gualandri
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Mario Noera
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. Università Cattolica del Sacro Cuore, Italy

    Elena Beccalli (Professor and Visiting Professor) & Federica Poli (Associate Professor) (Professor and Visiting Professor) &  (Associate Professor)

  2. London School of Economics, UK

    Elena Beccalli (Professor and Visiting Professor) (Professor and Visiting Professor)

Copyright information

© 2015 Elisabetta Gualandri and Mario Noera

About this chapter

Cite this chapter

Gualandri, E., Noera, M. (2015). Towards a Macroprudential Policy in the EU. In: Beccalli, E., Poli, F. (eds) Bank Risk, Governance and Regulation. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9781137530943_7

Download citation

Publish with us

Policies and ethics

Search

Navigation