Macroprudential Policy Implementation in Europe
Registration Deadline: 26 September 2018
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 microprudential 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 and instruments of macroprudential policy in the European context. It will then engage in more details with the implementation and use of selected macro-prudential instruments (e.g. the countercyclical capital buffer, systemic risk buffers, instruments for the real estate sector, liquidity instruments). Based on their expertise in the field, the course instructors will lastly expose participants to the lessons learned from the implementation of macroprudential policies and will ask how to apply certain tools in the non-banking financial sector.
- Macroprudential policy framework, objectives and instruments
- Implementation challenges (e.g. calibration, cross-border effects, leakages, transmission)
- The use of capital-based instruments (e.g. countercyclical capital buffer, structural buffers, risk weights)
- The use of asset-based instruments, in particular for the real estate sector
- The use of liquidity instruments (e.g. liquidity coverage requirements. net stable funding ratio, loan-to-deposit ratio)
- Macroprudential policy beyond banking
What you will learn
- Become familiar with the institutional framework, objectives and instruments of macroprudential policy in the European Union
- Gain an overview of the type, scope and use of macroprudential instruments
- Become exposed to lessons learned of macroprudential policy and draw conclusions from past experience for the non-bank financial sector
How the course will work
Total course length: 12 hours.
The course will consist of a mix of lectures and interactive and applied sessions.
- Bachelor degree in any discipline
- Basic familiarity with the mandate of central banks
1750€ – Public Authorities (e.g. National Competent Authorities, Central Banks) and European Institutions *
1900€ – Private Sector *
1000€ – Academics (Assistant, Associate or Full Professors)
850€ – Students (with certificate of studies)
The course fee covers coffee and lunch breaks. Travel and hotel costs are not included.
* In case of registration of 3 participants from the same public body, the course fee is waived for one of them. To benefit from the deal:
- the names of the 3 participants have to be communicated to firstname.lastname@example.org before registering
- the names of other registered people from the same institution cannot be communicated. It is upon your responsibility to get in touch with your HR division
- a single debit note will be issued for the 3 participants followed by one payment
- In case a course is cancelled, registered participants will receive the full refund.
- In case a course is moved to another date, registered participants may request a voucher to attend another FBF course.
- Registered participants who cancel their participation will receive a voucher to attend another FBF course.
For more details, please contact email@example.com
On arrival, participants will be provided with temporary wi-fi access for the whole duration of the course.
Course materialRequired readings:
- Macroprudential policies – implementation and interactions, Financial Stability Review – Banque de France, April 2014
- Flagship report on macro-prudential policy in the banking sector – ESRB, 2014
- Macroprudential policy beyond banking: an ESRB strategy paper – ESRB, 2016
- A Review of Macroprudential Policy in the EU in 2017 – ESRB, 2018
- Report: Elements of Effective Macro-Prudential Policies: Lessons from International Experience – IMF-FSB-BIS, August 2016
- Annual Macroprudential Policy Survey – Objectives, Design and Country Responses – IMF, April 2018
- Gabriele Galati and Richhild Moessner, What do we know about the effects of macroprudential policy?, DNB Working Paper, September 2014