The Next Decade of EU Macroprudential Policy

Abstract

This paper presents an overview of key proposals formulated by the European Systemic Risk Board (ESRB), the European Banking Authority (EBA) and the European Central Bank (ECB) in the context of the review of the macroprudential policy framework of the European Union (EU), aimed at improving its operation and efficiency over the medium term.

Keywords: Macroprudential policy, countercyclical capital buffer, capital conservation buffer, procyclicality, bank capital requirements, Basel III, European Union, Capital Requirements Directive, Capital Requirements Regulation, EU financial regulation

JEL Classification: G21, G23, G28, E32, E44, E58, E61, K20, K22, K33