Nie je k dispozícii v slovenčine.
Jukka Vauhkonen
- 6 October 2026
- OCCASIONAL PAPER SERIES - No. 400Details
- Abstract
- After the global financial crisis, all EU countries have developed within their jurisdictions a dedicated macroprudential pillar of financial oversight, in line with EU regulations and recommendations. However, governance structures differ, reflecting country-specific rationales and path-dependent choices. This paper provides an overview of the various institutional and operational frameworks for macroprudential policy in EU countries. This overview aims to deliver insights on the key aspects of these frameworks and their impact on the use of macroprudential policy. The analysis is based on i) a literature review, ii) a stocktaking exercise based on a survey among EU Member States and iii) country deep dives.
- JEL Code
- G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
- 15 March 2023
- OCCASIONAL PAPER SERIES - No. 310Details
- Abstract
- Macroprudential policies since the global financial crisis have been central to safeguarding financial stability. Despite the increasing use of multiple policy instruments, a detailed understanding of interactions among them is still needed to assess how instrument combinations can enhance the effectiveness of macroprudential action. This paper proposes a conceptual framework for informing the choice of combinations of macroprudential instruments, looking at the role of micro and macroeconomic transmission channels, interactions across policy objectives, the importance of country specificities and linkages with other macroeconomic or supervisory policies. It also reviews considerations related to circumvention, leakages, time of activation and communication of policies, all of which may affect the desirability of different combinations of macroprudential instruments. The paper also discusses a possible operational use of combinations of macroprudential instruments to address selected risks and provides a rich analysis of instrument interactions within the categories of borrower-based and, respectively, capital-based measures. The paper concludes that the combinations of capital and borrower-based instruments ensures a comprehensive coverage of different systemic risks and entail important synergies.
- JEL Code
- G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation