Macroprudential Policy in the EU — Policy Reflections on Institutional Contexts and Governance Arrangements

Abstract

In response to the lessons of the global financial crisis, macroprudential policy is now firmly established as a financial policy area to prevent excessive risk taking in the financial sector and mitigate its effects on the real economy. It has become thoroughly integrated in the work programmes of global standard setters and international organisations (FSB, BCBS, IOSCO, IMF, BIS etc.) and in financial regulation at the regional and national levels.