Macro-prudential policy needs cross-border co-ordination, says ECB paper

ecb-frankfurt

Central banks' involvement in macro-prudential oversight requires "robust legal safeguards" to be effective, according to a legal working paper, published by the European Central Bank in January.

The authors, Daniel Głuch, Lucia Škovranová and Mikael Stenström, say the safeguards should help establish reliable data collection channels, and preserve respect for central bank independence.

To perform their new macro-prudential functions, the paper says, central banks must have improved access to

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