Macroprudential Policy Academy

Safeguarding the stability of the financial system requires more than a sound and thorough supervision of single financial institutions. The Global Financial Crisis has indeed revealed that the mere reliance on micro-prudential policy tools could lead to looming systemic risks being missed or ignored. The general recognition of this gap in surveillance led to the accelerated implementation, throughout the world, of macroprudential policies. Against this background, this course will first introduce the key objectives of macroprudential policy as well as the use and interaction of their instruments in the European and global context