Panellists at ECB conference challenge complexity of macro-prudential set-up
Public and private sector representatives agree it is too early to judge framework
There are reasons for optimism around Europe's macro-prudential framework, panellists at a European Central Bank (ECB) conference said today, but there could be scope for improving the "complex" institutional arrangements.
National authorities in the eurozone are responsible for applying macro-prudential policy, while the ECB has the power to 'top up' measures where it sees fit. Meanwhile the European Systemic Risk Board (ESRB) is responsible for macro-prudential oversight across the European
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