Translation of "Macroprudential policy" in German

If macroprudential policy limited additional credit to marginal borrowers effectively, monetary policy would have no impact on demand (as long as the most solvent agents refuse to spend more).

Macroprudential policy may be working as intended in Slovakia, but it is unlikely to come to the rescue where it needed the most: in the world’s biggest financial market.

The standard response to Minsky’s concern – that the spenders can’t afford it and the savers aren’t spending – is that monetary policy should focus on ensuring price stability, while macroprudential policy aims to safeguard financial stability by limiting borrowing by highly indebted agents.

The Eurosystem needs to make use of individual monetary financial institutions' balance sheet item and interest rate statistics collected in accordance with Regulation (EU) No 1071/2013 of the European Central Bank (ECB/2013/33) [2] and Regulation (EU) No 1072/2013 of the European Central Bank (ECB/2013/34) [3] for monetary policy, financial stability and macroprudential policy purposes as well as for tasks related to the microprudential supervision of credit institutions in the euro area Member States.

The very valid observations made in the opinion concerning e.g. stability issues as well as proposals concerning the regulatory and supervisory framework will be looked at shortly by the Commission in the "macroprudential policy review".

Depending on the nature of the imbalance, the policy prescriptions could potentially address fiscal, wage, macrostructural and macroprudential policy aspects under the control of government authorities.

In the case of the euro area, in particular, one of the key advantages of macroprudential policy is that it can be used to counteract, in a targeted manner, problematic national developments that cannot be addressed by the single monetary policy.

And, along with the reform of traditional supervision, macroprudential policy has been established as a new policy field.

However, the method of choice for combatting these risks is not monetary policy, it is macroprudential policy.

Then Deputy Governor Svensson argued that it was the job of macroprudential policy, not monetary policy, to deal with debt vulnerabilities.

The request for macroprudential policy is based on the insight that behavior by single financial institutions which may be desirable from their individual perspective may in sum lead to outcomes that are anything but desirable.

Macroprudential policy aims to identify such risks to financial stability at an early stage and to take timely measures to ensure that the financial system functions smoothly.

Within a DSGE model, Vivien Lewis and Markus Roth demonstrate that, if macroprudential policy is too lax, monetary policy may be forced to do the job by driving inflation above its price stability target and reducing the real burden of private debt.

The aim of macroprudential policy is, she said, to take timely countermeasures against risks to financial stability in order to keep the financial system functioning smoothly.

The aim of macroprudential policy is to take timely countermeasures against risks to financial stability in order to keep the financial system functioning smoothly.

What is macroprudential policy?

Macroprudential policy entails the use of instruments to boost the resilience of the financial system and counteract the build-up of risks in good time.

In fact, financial stability starts at the individual level with informed financial decision-making, while regulatory and macroprudential policy measures can only serve as the ultimate backstop mechanisms.”

However, historical protocols, legislation, policy agreements as well as the literature bear witness of a longer history of macroprudential policy in Austria: it predates the crisis by about 60 years during which it gradually evolved.

The relationship between monetary and macroprudential policies – black and white or shades of grey?

They believe that, should asset-price inflation emerge, it can be contained with macroprudential credit policies, rather than monetary policy.

Aside from waning procyclicality, macroprudential policies and capital controls appear to help restrain the intensity of aggregate credit booms and asset bubbles, with policies in place during the boom enhancing economic resilience during the bust.

Expect macroprudential policies to go south, too – and to be redefined in the process.

Although there is talk about offsetting these risks with macroprudential policies, no such policies exist in the US, except for the increased capital requirements that have been imposed on commercial banks.

Regarding macroprudential policies, the EESC advocates a stronger role for the European Systemic Risk Board (ESRB) and the ECB as part of a more integrated financial system, and urges the Commission to provide more practical details on how the national authorities and the ECB are to interact.

Using data for a panel of 64 advanced and emerging market economies, this special feature investigates empirically the effects of macroprudential policies on long-run economic performance.

In order to prevent financial crises from the outset or to mitigate the effects of a downturn, macroprudential policies can be introduced, such as the anti-cyclical capital buffer.

Quantitative macroeconomic models play an important role in informing policy-makers about the consequences of monetary, fiscal and macroprudential policies.

In this regard, the SBA believes that the macroprudential policies of Switzerland should serve to strengthen the resilience of the financial system, limit the impact of a financial crisis on the economy, and ensure a stable provision of bank services to the economy.