Financial Regulation and Governance

Macroprudential Policy Implementation

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11/10/2021 - 29/10/2021

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Level

Intermediate, Introductory

Approach

Qualitative

Delivery mode

Online

Course closed

Safeguarding the stability of the financial system requires more than a sound and thorough supervision of single financial institutions. The Global Financial Crisis has 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 development and 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 macroprudential 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.

Gain an overview of the type, scope and use of macroprudential instruments and related requirements
Become familiar with the institutional framework, objectives and instruments of macroprudential policy in the European Union
Learn to apply certain macro-pru instruments in real-life cases
Understand calibration dilemmas
Become exposed to lessons learned of macroprudential policy
Draw conclusions from past experiences for the non-bank financial sector

Course director

Tuomas A. Peltonen

Deputy Head of the Secretariat

European Systemic Risk Board (ESRB)

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Core faculty

Thorsten Beck

Director

Florence School of Banking and Finance

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Marco Lo Duca

Adviser

Macroprudential Policies Division, ECB

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Barbara Jarmulska

Senior Financial Stability Expert

Macroprudential Policies Division, ECB

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Katarzyna Budnik

Adviser

Stress Test Modelling Division, ECB

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Clemens Bonner

Head of Department Macroprudential Analysis and Policy

De Nederlandsche Bank (DNB)

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Guest instructors

Stephen G. Cecchetti

Part-time Professor

Florence School of Banking and Finance

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Stephan Fahr

Principal Financial Stability Expert

European Central Bank

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Christoph Fricke

Deutsche Bundesbank

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Christoffer Kok

Deputy Head of the Stress Testing Modelling Division

European Central Bank

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Etienne Lepers

Economist

International Finance Unit, OECD

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Olaf Weeken

Adviser

ESRB Secretariat

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Advisors

Thorsten Beck

Director

Florence School of Banking and Finance

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Pierre Schlosser

Deputy Director

Florence School of Banking and Finance

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Teaching associates

Natalie Kessler

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Evgenia Ralli

Coventry University

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