Beyond banking: ESRB wants wider macro-prudential toolkit
European Systemic Risk Board argues for providing policy-makers with instruments extending to all forms of credit
Policy-makers in the European Union lack the instruments needed to address risk beyond the banking sector, the European Systemic Risk Board (ESRB) warned today (July 19).
It stressed all forms of credit should be within the scope of the macro-prudential framework, including "bank loans, non-bank loans and debt securities, whether domestic or cross-border".
One shortfall, it said, was that while mortgage lending can come from a variety of sources, including pension and investment funds, limits on
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