Der makroprudenzielle Komplex: der Prozess, das Schloss, das Urteil
The banking union provides for new rules. The determining factors for all financial market participants are changing as macro-prudential policy and monetary policy are closely intertwined. In a new Working Paper, Hermann Remsperger draws a preliminary balance when the financial regulations are in a state of flux.
Remsperger analyzes the relationship between macro-prudential policy and the respective tools on the one hand and monetary policy on the other. Moreover, he scrutinizes the various institutions on national and European level, like the German financial stability committee (Ausschuss für Finanzstabilität, AFS), the European Systemic Risk Board (ESRB) and the European Central Bank with the Single Supervisory Mechanism (SSM). Finally, the author pursues the question whether the new tools of macro-prudential policy alone can ensure financial stability.