Examples of using Macroprudential in English and their translations into German
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Macroprudential supervision: Hand-in-hand with long-term investors.
The committee is also the interface to European macroprudential oversight.
Further macroprudential instruments are designed to counteract structural risks in the financial system.
What's behind the special relationship between monetary and macroprudential policies?
The relationship between monetary and macroprudential policies- black and white or shades of grey?
People also translate
A"leaning" strategy is usually carried out through an increase in interest rates or by using macroprudential tools, Schnabel said.
Macroprudential regulation takes account of systemic risks in the financial sector through action geared to reducing such risks.
The systemic risk buffer is not aimed at individual institutions buteither at all or at certain groups of institutions in order to mitigate systemic or macroprudential risk.
Instruments of macroprudential supervision of financial institutions may, among others, concern the rules for granting credit and the accounting rules.
This multi-layered information system forms the central empirical basis, in particular, for the monetary policy decision-making process,as well as macroeconomic and macroprudential analyses.
However, as macroprudential policies cannot solve all ills, other tools should also be developed further such as monetary or fiscal policy measures.
In a recent paper, Valerie Herzberg and Max Watson, both St Antony's College of Oxford,explore the role and contribution of macroprudential policies in the euro area as well as the effectiveness of these measures.
Herzberg drew the conclusion that macroprudential measures are necessary to complement other tools already in place in the euro area to provide financial stability.
On 25 January 2018 the Governing Council appointed Mr Sergio Nicoletti Altimari, Director General of the ECB's Directorate General Macroprudential Policy and Financial Stability, as the Chair of the Eurosystem/ESCB Financial Stability Committee FSC.
Therefore, the instruments of micro- and macroprudential supervision cannot differ with respect to the actors they are aimed at, they can only differ with regard to the goals they pursue.
Although it is certainly reasonable to harness central bank information in assessing financial stability risks,the final decision on the use of macroprudential instruments does not need to be made by central banks as well.
She explained that these examples have shown that macroprudential tools alone cannot solve all problems but that a combination of different tools was needed to provide stability.
Upon the launch in November 2014 of the Single Supervisory Mechanism(SSM) for banks inEurope, the ECB was given not only prudential supervisory powers but also the power to undertake macroprudential intervention in those member states participating in the SSM.
Therefore, from a macroprudential point of view, additional costs for individual payment systems may be warranted if they lead to an effective reduction of risks and/ or an increase in efficiency.
According to participants, one possible solutioncould be a combination of sound macroeconomic foundations, macroprudential regulation and international rules for capital movements that are as uniform as possible.
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.
In the area of real estate financing,the OeNB recommends that a legal basis for macroprudential supervisory tools be put into place to make it possible to prevent credit-driven real estate price bubbles in the future.
In this connection, academics are researching topics such as financial intermediation and risk-taking, market microstructure, asset pricing and financial linkages,as well as the design and evaluation of micro- and macroprudential regulation.
Herzberg stressed that, in the United States, macroprudential instruments have already been used before the 1980s and they were also introduced in Asia after the Asian financial crisis in the 1990s.
The competent authority shall adopt the decision on its own initiative or at the request of an issuing financial institution, the relevant ESCB central bank,the authority supervising the issuing financial insti tution or the national macroprudential authority.
To this end, it was necessary to further strengthen macroprudential supervision, which focuses on the stability of the entire financial system, and to link it more closely to microprudential supervision, which looks at individual institutions.
In the eurozone's case,the risk is compounded by the ineffectiveness of its key macroprudential instrument, the Stability and Growth Pact, in limiting countries' spending, as lower interest rates give debtor countries leeway to spend more.
On the one hand, there is what is known as macroprudential supervision, through the European Systemic Risk Board, which seeks to prevent serious crises, to guarantee financial stability and to reduce disruptions to the financial system.
Claudio Borio recently warned of possible evasive action,saying that macroprudential instruments"can leak, i.e. they are subject to regulatory arbitrage(…) possibly pushing activity into the darker corners of the financial system". 2.
Reaping the full benefits of thisintellectual shift requires embedding an explicit macroprudential orientation to regulation and supervision into broader and more holistic macro-financial stability frameworks. Those must include monetary, fiscal and structural policies.