Macroprudential Policy Measures in Response to the COVID-19 Pandemic Crisis in the EU/EEA

Abstract

In 2021, macroprudential authorities of the European Union (EU) and European Economic Area (EEA) countries adopted emergency macroprudential policy relaxation measures to address the impact of the COVID-19 pandemic crisis. It was the first widespread and almost simultaneous use of macroprudential tools in Europe. However, given national competency over macroprudential policy issues, power to take action was not uniform across the EU/EEA.