Macroprudential policy has been part of the economic policy toolkit in Europe for around two decades and has become widely used since the GFC. It is time to look back at experiences and best practices in Europe. What have we learnt about the efficiency of various tools used to dampen financial cycles and to strengthen the resilience of the financial system? Have macroprudential policies helped to cushion financial crises that Europe experienced during the last two decades? What were success factors and shortcomings? Looking ahead, how can macroprudential policies help to address the challenges the European economy is facing? These include the transformation towards a more market and tech-based financial system, the transition to a sustainable economy and the possibility of a protracted period of upward inflation pressures. This conference will bring together leading academic researchers and macroprudential policymakers to take stock and to provide some guidance on the future development of macroprudential policies.
Ernest Gnan, SUERF; Zuzana Fungáčová, Bank of Finland; Esa Jokivuolle, Bank of Finland and SUERF; Ján Klacso, Národná banka Slovenska; and, Reiner Martin, Národná banka Slovenska and SUERF