Search Options
Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers
Sort by

Macro-prudential Research Network (MaRs)

MaRs, an internal network for macro-prudential research, was launched in Spring 2010 by the European System of Central Banks, which consists of the 27 European Union (EU) national central banks and the ECB.

The financial and economic crisis that started in summer 2007 has shown that the macro-prudential aspects of financial supervision and regulation need to be significantly strengthened. As a result, in autumn 2010 the EU agreed to establish the European Systemic Risk Board (ESRB), which held its inaugural meeting in January 2011 and has the tasks of identifying and assessing emerging systemic risks, warning about material risks and making policy recommendations on how to contain them. However, considerable gaps remain in the analytical underpinnings of macro-prudential supervision and regulation.


MaRs aims to develop core conceptual frameworks, models and/or tools that provide research support in order to improve macro-prudential supervision in the EU.

Philipp Hartmann


Fiorella De Fiore Gerhard Rünstler

and (both ECB)

Laurent Clerc (Banque de France) Carsten Detken

Paolo Angelini (Banca d’Italia) (ECB)

Simone Manganelli Kateřina Šmídková (Česká národní banka)


External academic advisers
Javier Suarez Professor

Professor , Center for Monetary and Financial Studies (CEMFI)

Hans Degryse

, KU Leuven

Research topics

The network will be conducting research over a two-year period in the following three areas.

Macro-financial models linking financial stability and the performance of the economy

This is MaRs’ primary research topic. It focuses on the integration of widespread financial instability and systemic risk in theoretical and empirical macro-financial models and capture the two-way relationship between the financial system and the real economy. This work also aims to take account of the fact that standard macroeconomic models do not include features of financial instability, such as bank defaults, illiquidity, feedback effects, multivariate extreme events and related non-linearities.

Early warning systems and systemic risk indicators

This line of research focuses on developing new indicators of systemic risk in areas that are not well covered yet and on helping to establish a comprehensive system of early warning models and indicators, notably in the context of countries with different financial structures. It seeks to identify imbalances, such as asset bubbles, credit booms and over-indebtedness, and to distinguish them from fundamentally justified developments.

Assessing contagion risks

This area of research aims to address particularly some issues in the area of cross-border contagion risk in Europe. Other topics to be analysed include: the role of non-bank financial intermediaries in transmitting instability, feedback and amplification effects in contagion phenomena as well as the differences between contagion and the unravelling of imbalances.

Recent conferences
Documents and links

Speeches and documents

  • Introductory remarks by Benoît Cœuré, at concluding conference of the Macro-prudential Research (MaRs) Network of the European System of Central Banks, 24 June 2014, en
  • Speech by Vítor Constâncio at concluding conference of the Macro-prudential Research (MaRs) Network of the European System of Central Banks, 23 June 2014, en
  • Results of the ESCB Macro-prudential Research Network, presentation by Philipp Hartmann at concluding conference of the Macro-prudential Research (MaRs) Network of the European System of Central Banks, 23 June 2014
  • MaRs report , 20 June 2014
  • Opening remarks by Vítor Constâncio at the second conference of the ESCB Macroprudential Research (MaRs) Network, 30 Oct 2012, en
  • Report on the first two years of the macro-prudential research network , presentation by Philipp Hartmann, European Central Bank and Chair of MaRs, 30 October 2012
  • Speech by Stephen Cecchetti, Economic Adviser and Head of the Monetary and Economic Department, Bank for International Settlements, 30 October 2012, The future of financial intermediation and regulation
  • Macro-prudential policy: strengthening the foundations, enhancing the toolkit and taking action, speech by Vítor Constâncio, 5 Oct 2011, en
  • Macro-prudential supervision in Europe, speech by Vítor Constâncio, 27 Sep, en
  • Macro-prudential Regulation as an Approach to Contain Systemic Risk: Economic Foundations, Diagnostic Tools and Policy Instruments, speech by Jean-Claude Trichet, 27 Sep 2010, en