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Review of the EU Macro-prudential framework


The current macro-prudential framework has evolved incrementally over recent years, and this piecemeal approach has created a number of weaknesses in the framework. Based on our recent experiences of macro-prudential policy, these weaknesses are evident in the large, overlapping toolset of macro-prudential instruments available under EU legislation, the inconsistent way these instruments are activated, and the complex process for coordinating these measures. Furthermore, within this framework the ESRB's role has evolved into that of a coordination and analytical hub for macro-prudential policy. This is a much broader role than that for which it was initially designed.

As such, this consultation aims to align the different elements of the macro-prudential framework, to ensure it functions more effectively. The key aim is to ensure the right balance between national flexibility, and community control is achieved. This may involve streamlining the toolset of instruments, changing the activation procedures for these instruments, enhancing the role of the ESRB as a macro-prudential hub, and clarifying the SSM's role in the framework.

Target group

This consultation will be open to all interested parties, although the majority of responses are likely to come from the national authorities within Member States, as they are tasked with implementing macro-prudential policy day to day. As such, we are very interested to hear from finance ministries, national central banks, prudential regulators, the ECB, the ESRB and the EBA.

There will also be interest from the industry, and consumer groups, with their respective representative bodies likely to respond. These responses will also provide valuable input, giving the views of the stakeholders for whom these regulations apply.

How to submit your response

Please note that in order to ensure a fair and transparent consultation process only responses received through the online questionnaire will be taken into account and included in the report summarising the responses.

Contact details

Responsible services:
DG Financial Stability, Financial Services and Capital Markets Union
Unit E3 – Macroprudential policy and relations with ESRB
Postal address:
European Commission
SPA2 05/034
1049 Brussels

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Results of consultation and next steps

We have received 66 responses and thank all those who have contributed to this consultation.