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Members of the RCG received an update on changes that have taken place in European Union (EU) banking supervision since the financial crisis including the supervisory framework and work by the European Banking Authority to promote consistent application of EU legislation and regulation. They also discussed the framework for the use of macroprudential tools in the EU and the experience of some jurisdictions in applying measures, including the importance of effective cooperation on the use of micro and macroprudential tools.
Members of the RCG discussed the potential for changes to the member jurisdictions of the RCG for Europe as part of the broader review by the FSB of membership of its six RCGs.
The meeting was preceded by an informal seminar on monetary policy challenges in a persistently low interest rate environment and considered the risks to the financial system created by low productivity, high levels of global debt and with few policy tools to address the risks. They also discussed the use of macroprudential and monetary tools to address these risks.