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Macroprudential Policy Implementation in Europe

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  • General description

    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.

  • Topics covered

    • 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.

  • Meet the instructors

    Francesco Mazzaferro has been the Head of the Secretariat of the European Systemic Risk Board (ESRB) since January 2011. He began his career in financial research in the Research Department of the Istituto Bancario San Paolo di Torino (today part of Intesa Sanpaolo) in Turin, Italy, in 1987. Francesco joined the European Commission in Brussels, Belgium, in 1992, starting his international career in the Directorate General for Economic and Financial Affairs, where his work focused on the European Currency Unit and preparations for the introduction of the single currency. In 1995 he joined the European Monetary Institute – which later became the European Central Bank – in Frankfurt am Main, Germany, as the Officer of Policy Planning. In 1998 he became the Senior European Relations Officer in the European Relations Division. From 2000 he worked as Principal in the EU Neighbouring Regions Division, becoming the Head of Division in 2003.

    Katarzyna Budnik is currently Principal Financial Stability Expert in the Stress Test Modelling Division at the European Central Bank. She is responsible for macroprudential stress test and policy assessment. She joined the European Central Bank in 2010 and has worked in different areas of Financial Stability and Economics. Prior to moving to the European Central Bank she was heading the Forecasting Division at the National Bank of Poland. She received her PhD degree (Econ) with honors from the Warsaw School of Economics. Her research interests include macroprudential and monetary policies, banking, macroeconomic modelling and labour markets.

    Giovanni di Iasio is Principal Financial Stability Expert in the Market Based Finance Division of the European Central Bank. Before joining the ECB, he was Advisor at the Research Department of Banca d’Italia. During this period he has been Visiting Research Scholar at Columbia University and, more recently, NYU. He has published on academic journals including the Journal of Financial Intermediation and Quantitative Finance. His areas of research are banking and finance, shadow banking, macroprudential regulation and network analysis.

    Marco Lo Duca is currently Principal Financial Stability Expert in the Macroprudential Policy Division of the European Central Bank. Marco joined the European Central Bank in 2004 and he has worked in different areas including Research, Economics, International and European Relations and Financial Stability. Marco has published in academic journals including, among others, the Journal of Monetary Economics, the Economic Journal, the Journal of Banking and Finance, the IMF Economic Review, the International Journal of Central Banking.

    Tuomas Peltonen is Deputy Head of the European Systemic Risk Board (ESRB) Secretariat. Prior to that he was with the European Central Bank since 2004. He has worked in various positions in the Financial Stability Surveillance Division in the Directorate General Macroprudential Policy and Financial Stability, in the Directorate General Market Operations and in Directorate General International and European Relations. He received his BSc and MSc (Econ) degrees from University of Turku in 1998 and 1999. Before completing a PhD (Econ) degree at the European University Institute in 2005, Tuomas worked with the Bank of Finland. His research interests include macroprudential policy, systemic risk analytics and early-warning models.

    Michael Wedow is Adviser at the Directorate General Macroprudential Policy and Financial Stability of the European Central Bank. He is responsible for regulatory issues related to macroprudential policy and market based financing. Prior to joining the ECB, he worked at the Bundesbank in the Departments for Banking Supervision and Financial Stability. His research focuses on financial stability issues and the impact of regulation and has been published in academic journals, including the Journal of Financial Intermediation, Journal of Business and Economic Statistics and the Journal of Empirical Finance.

  • Prerequisites

    • Bachelor degree in any discipline
    • Basic familiarity with the mandate of central banks
  • Fees

    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 organisation, 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 fbf@eui.eu before registering. We cannot communicate the names of other registered people from the same institution (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.
    • Special deals apply for larger groups.


    • 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 fbf@eui.eu
  • Practical information


    Recommended hotels:
    Hotel Villa La Stella (20 min walking distance from EUI )
    Hotel Cellai
    Hotel Palazzo Ricasoli
    Hotel de la Pace
    Hotel Athenaeum


    On arrival, participants will be provided with temporary wi-fi access for the whole duration of the course.

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    For general queries: fbf@eui.eu

  • Course material

    Registered participants can access the course material page using the password provided by the FBF secretariat.