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  • European Systemic Risk Board / European Central Bank / International Monetary Fund workshop

Towards a framework for macroprudential stance

Frankfurt am Main, Wednesday, 31 October 2018

Press room, Main Building, European Central Bank

Participation is restricted to public institutions and by invitation only.

Workshop theme

The aim of the workshop is to exchange views and share experiences related to the emerging concept of macroprudential stance, i.e. the approaches used by policymakers to formulate the macroprudential actions they take to achieve financial stability.

The focus will be on the European Union and the European Economic Area, as well as on other relevant comparator countries and regions such as Australia, Canada and the United States.


The workshop targets senior officials with practical experience in macroprudential policymaking at the level of the ESRB’s Advisory Technical Committee and the Eurosystem/ESCB’s Financial Stability Committee (or their alternates) and technical staff.

Organisation of the workshop

There will be four sessions, two dealing with more conceptual issues and two focusing on practical questions and country-specific experiences related to policy implementation and assessment. For each session there will be a moderator and four presenters. The moderator and presenters will each give a presentation of maximum ten minutes on a different aspect of the session’s theme, which will then be followed by an open discussion with the audience.


All times are local.


Registration and coffee


Opening remarks

John Fell, European Central Bank
Enrica Detragiache, International Monetary Fund
Francesco Mazzaferro, European Systemic Risk Board

Morning sessions on elements of a conceptual framework for macroprudential stance

Session 1: Developing a macroprudential strategy

  • What should a macroprudential strategy for achieving macroprudential policy objectives contain? How does the macroprudential stance relate to a macroprudential strategy?
  • How do the objectives of financial stability and sustainable economic growth relate to one another?
  • Which intermediate objectives, as defined by the ESRB (Recommendation 2013/1) and the IMF (Staff Guidance Note on Macroprudential Policy, December 2014), are used by authorities as operational specifications for the ultimate objective of financial stability? How detailed should these intermediate objectives be?
  • How useful have authorities found these intermediate objectives?
  • How do authorities map their (intermediate) objectives to the use of macroprudential instruments?

Mark Cassidy, Central Bank of Ireland

David Aikman, Bank of England
Marek Licák, Národná banka Slovenska
Jacek Osiński, Narodowy Bank Polski
Katja Taipalus, Suomen Pankki


Coffee break


Session 2: Key elements of a macroprudential stance framework

  • How should the concept of macroprudential stance be defined? Should a definition be purely descriptive or also include an evaluation of whether macroprudential policies are achieving their objectives?
  • What aspects of macroprudential stance should policymakers apply to the conduct of policy?
  • What types of risk should a macroprudential stance framework cover? Should it cover cyclical as well as structural systemic risks?
  • How should authorities account for systemic risks, resilience factors, macroprudential instruments and uncertainties in a macroprudential stance?
  • At what level should the concept of macroprudential stance be defined (e.g. at the level of the ultimate objective of macroprudential policy or at the level of its intermediate objectives)?
  • How can policymakers’ preferences, especially concerning risk tolerance, be reflected in a macroprudential stance framework?
  • How should macroprudential stance take into account other policy areas, such as monetary, fiscal and economic policies?
  • Are there any lessons to be learned from other policy areas (e.g. microprudential policy, monetary policy, fiscal policy or competition policy)?
  • How should policymakers communicate the motivation behind, and the justification for, macroprudential policies in order to define a macroprudential policy reaction function?

Henrik Braconier, Finansinspektionen

Maria Demertzis, Bruegel
Leonardo Gambacorta, Bank for International Settlements
Simonas Krėpšta, Lietuvos bankas
Javier Suárez, Advisory Scientific Committee of the ESRB, CEMFI


Lunch break

Afternoon sessions on practical questions and country-specific experiences related to macroprudential policy implementation and assessment

Session 3: Country-specific experiences of challenges related to the implementation of macroprudential policies

  • Can authorities condense the objective(s) of macroprudential policy into one measurable target? How do they deal with combinations or aggregations across risks and sectors?
  • What limitations do authorities face when quantitatively measuring macroprudential objectives?
  • How are reference values determined to assess whether macroprudential policies are achieving their objective(s)?
  • How do authorities select a mix of policy instruments to achieve a certain macroprudential objective? How do they measure and account for interactions between instruments?
  • Are there any lessons to be learned from previous combinations of instruments and the order in which they were used to achieve certain macroprudential objectives?
  • What could be considered as an optimal stage of the financial cycle for the activation of macroprudential instruments?
  • Which approaches are authorities using to calibrate their macroprudential instruments and what are their respective strengths and weaknesses?
  • How is the interaction with other policies (e.g. microprudential policy, monetary policy and fiscal policy) taken into account?

Jesper Berg, Finanstilsynet

Rochelle Edge, Board of Governors of the Federal Reserve System
TorbjØrn Haegeland, Norges Bank
Willem Heeringa, De Nederlandsche Bank
Ratna Sahay, International Monetary Fund


Coffee break


Session 4: Country-specific experiences of assessing the effectiveness and efficiency of macroprudential policies

  • Which costs/benefits do policymakers take into account in their ex ante and ex post assessment of the overall mix of macroprudential policies?
  • Which methods do policymakers use for such assessments? Which time horizons are used? What quantitative methods are available and where do qualitative assessments come into play?
  • How does the cost/benefit analysis feed into decisions regarding the policy mix and instrument calibration, and how are policymakers’ preferences taken into account in the analysis?
  • How do policymakers assess the possible transmission channels of macroprudential instruments?
  • How do policymakers relate the objective of financial stability to the possible impact of policy actions (or the absence of such actions) on economic growth?

Francesco Mazzaferro, European Systemic Risk Board

Alexandra Lai, Bank of Canada
Javier Mencia, Banco de España
David Orsmond, Reserve Bank of Australia
Evan Papageorgiou, International Monetary Fund


Closing remarks

Enrica Detragiache, International Monetary Fund
John Fell, European Central Bank
Francesco Mazzaferro, European Systemic Risk Board


End of workshop

This progamme may be subject to change without notice.

General information

Conference venue

European Central Bank
Main building, Press Conference Room
Sonnemannstrasse 20
60314 Frankfurt am Main

Conference language



Tuomas Peltonen
Deputy Head, ESRB Secretariat
Frank Dierick
Adviser, ESRB Secretariat
Jean Quin
Financial Stability Expert, ESRB Secretariat
John Fell
Deputy Director General, Macroprudential Policy & Financial Stability, ECB
Stephan Fahr
Principal Financial Stability Expert, ECB
Tom Dorsey
Adviser (Mission Chief), IMF
Cheikh Anta Gueye
Deputy Division Chief (Mission Chief), IMF


ESRB Secretariat
Eva Harangozo, Tel.: +49 69 1344 5389
Shirley Simmons-Nocca, Tel.: +49 69 1344 6983
Beatriz Viegas De Abreu, Tel.: +49 69 1344 1835

Conference email