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The future of financial stability: Maintaining effectiveness while reducing complexity

Author(s): Andreas Ittner

Date published: Jun 2019

SUERF Policy Note, Issue No 75
by Andreas Ittner, Oesterreichische Nationalbank


JEL-codes: G28, F36.
Keywords: Regulatory complexity, financial stability, macroprudential supervision.

Regulatory complexity is a top priority for policy makers and the financial industry, both at the global and European level. Regulation is vital to safeguarding financial stability. Regulatory reforms taken after the global financial crisis have made the financial system safer and more resilient, but, at the same time, regulation has reached a high degree of complexity. As the focus is shifting from the regulation phase to implementing and assessing the agreed reforms, it is necessary to consider the trade-offs associated with mounting regulatory complexity over the last years. Policy makers are faced with a dilemma: financial regulation must be straightforward and clear, yet also refined enough to be effective in preserving financial stability. In this policy note we outline options for reducing regulatory complexity without reducing financial stability.

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SUERF Policy Note, Issue No 75SUERF Policy Note, Issue No 75

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