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The EBF attaches great importance to the development of a global macro-prudential policy framework to achieve financial stability in the post-crisis regulatory framework. Macro-prudential oversight should complement the micro regulatory reform with the objectives of identifying macro-economic risks that cannot be comprehensively assessed from an individual bank perspective, thereafter measuring them and finally undertaking policy measures that contribute to mitigate the sources of the abovementioned macro-economic risks.
Macro-prudential oversight is therefore central to the success of the entire new regulatory setup. However its design is beset with difficulties that stem mainly from:
Against this challenging background, the EBF is committed to contribute to overcoming these problems and putting in place a macro-prudential framework that helps to achieve the financial stability objective whilst preserving consistency with the rest of the regulatory reform. For that purpose, EBF makes recommendations from the perspective of the EU banking sector in the following areas: