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An Overview of Macroprudential Policy in the European Union Countries in the Last Decade

Author

Listed:
  • Adina Criste

    (“Victor Slăvescu†Centre for Financial and Monetary Research)

  • Iulia Lupu

    (“Victor Slăvescu†Centre for Financial and Monetary Research)

Abstract

Macroprudential policy is a research topic that has been intensely approached in recent years. The analyses present in the economic literature covers several aspects and aims to clarify the management and functioning of the macroprudential policy, to identify the effects and effectiveness regarding the implementation of macroprudential measures, and to determine the relationship with other macroeconomic policies, i.e., the influence exerted on them. A key element for macroprudential policy to play its role in reducing systemic risk is the political and institutional environment in which it is implemented and that should support this goal. The article aims at identifying a possible dominant profile for macroprudential policy in the European Union, based on the analysis of specific elements related to the type of the governance of national macroprudential authority, the instruments applied and the degree of compliance with the European Systemic Risk Board recommendation on the macroprudential mandate of national authorities.

Suggested Citation

  • Adina Criste & Iulia Lupu, 2021. "An Overview of Macroprudential Policy in the European Union Countries in the Last Decade," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(1), pages 76-81, August.
    • Handle: RePEc:ovi:oviste:v:xxi:y:2021:i:1:p:76-81
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    References listed on IDEAS

    as
    1. Stijn Claessens, 2015. "An Overview of Macroprudential Policy Tools," Annual Review of Financial Economics, Annual Reviews, vol. 7(1), pages 397-422, December.
    2. Richard Barwell, 2013. "The Instruments of Macroprudential Policy," Palgrave Macmillan Books, in: Macroprudential Policy, chapter 0, pages 105-174, Palgrave Macmillan.
    3. Frank Dierick & Francesco Mazzaferro, 2018. "The ESRB and macroprudential policy in the EU," Focus on European Economic Integration, Oesterreichische Nationalbank (Austrian Central Bank), issue Q3-18, pages 131-140.
    4. Adina CRISTE & Iulia LUPU, 2021. "A Comparative Analysis of Macroprudential Policy across Euro Area Candidate Countries," Applied Finance and Accounting, Redfame publishing, vol. 7(1), pages 10-21, February.
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    Cited by:

    1. CRISTE, Adina, 2022. "Central Banks Contributions In Managing The Pandemic Crisis. A Summary At The Eu Countries Level," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 26(3), pages 76-93, September.

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    More about this item

    Keywords

    macroprudential mandate; central bank; decision power; European Systemic Risk Board recommendations;
    All these keywords.

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F15 - International Economics - - Trade - - - Economic Integration
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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