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Macroprudential Bulletin

The ECB Macroprudential Bulletin provides insight into our ongoing work in the field of macroprudential policy. The aim of the Macroprudential Bulletin is to raise awareness of macroprudential policy issues in the euro area by bringing greater transparency to the ECB's ongoing work and thinking in this field, and to foster broader discussion on key macroprudential issues.

Transparency about our ongoing work is not an end in itself. It is also an opportunity for an exchange of views. We therefore invite you to share your views with us by sending an email with your feedback to The same address can also be used if you want to receive notifications of future issues of the Macroprudential Bulletin.

APRIL 2021

Issue 12

Overview article

Market turmoil at the beginning of the pandemic laid bare vulnerabilities in money market and investment funds. This event revealed the broader financial stability concerns of these funds. How can strengthening the macroprudential framework increase their resilience?


Regulating money market funds

Market events in March 2020 tested the strength of the money market fund sector, raising questions about the ability of the EU’s regulatory framework to tackle systemic risks. What lessons can be learnt from last year’s episode and what do they mean for future policy?


Fund suspensions during the pandemic

Following the onset of the coronavirus crisis, a significant number of European investment funds suspended redemptions. While suspensions can prevent stress at the fund level, they can have spillover effects on other investment funds and sectors.


Modelling liquidity management and policy measures

Large differences in the liquidity of funds’ assets and liabilities can create risks for the financial system. A model of an open-ended fund provides theoretical justification for pre-emptive measures that enhance financial stability by reducing run risks and sales of illiquid assets.


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