Financial cycles, monetary policy and macroprudential policy in the euro area

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Title: Financial cycles, monetary policy and macroprudential policy in the euro area
Author: Freystätter, Hanna ; Putkuri, Hanna ; Vauhkonen, Jukka
Series: Bank of Finland. Bulletin. Monetary policy and the global economy
Series volume: 87
Series number: 4
Year of publication: 2013
Pages: 35-47
Keywords: rahapolitiikka; makrotalous; vakaus; euroalue; rahoitusmarkkinat; pääomavaatimus; rahoituslaitokset; pankkitoiminta; EKP; kriisit; makrovakauspolitiikka; syklit
Abstract: Countercyclical macroprudential policy is to be strengthened in the euro area. The European Central Bank will be assuming new macroprudential powers, as single banking supervision commences in autumn 2014 and the countercyclical buffer requirement is due to be introduced in all euro area countries no later than the beginning of 2016. Even so, a significant part of euro area macroprudential policy will continue in the future to be the responsibility of national authorities. In the operating environment of the single monetary policy, euro area Member States will be able to support their own and the area s economic stability and to improve the financial system s resilience to crises through pursuing robust national macroprudential policies.
Note: ISSN-L: 0784-6509 (painettu) ISSN: 1456-5870 (online).
Rights: https://helda.helsinki.fi/bof/copyright


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