The role of macro-prudential policies in prevention and correction of asset imbalances in the Euro Area
In the aftermath of the financial crisis, there is consensus among academics and policy makers on the need for the so-called macroprudential policies. Additionally, the current low interest-rate environment creates further risks to financial stability. However, the implementation of such policies in a monetary union is a rather complex issue. Housing and credit markets heterogeneity across countries calls for action at national level. The role of the ECB in macroprudential policy is a matter of debate because monetary policy can conflict with the ultimate goal of macroprudential policy. This document reviews the key issues that are relevant for the implementation of macroprudential policies in the euro area and questions the current institutional framework. Finally, it gives some policy recommendations on how to improve the current situation.
Padziļināta analīze
Ārējais autors
Margarita Rubio
Par šo dokumentu
Publikācijas veids
Atslēgvārds
- budžets
- EIROPAS SAVIENĪBA
- EKONOMIKA
- ekonomikas stabilizēšanās
- ekonomikas stāvoklis
- ekonomiskā sadarbība
- ES finanses
- ES finanšu instruments
- eurozona
- FINANSES
- finanšu kontrole
- finanšu tirgus
- kapitāla brīva kustība
- kredītiestādes un finanšu iestādes
- makrofinansiāla palīdzība
- monetārās attiecības
- procentu likmes subsīdija
- sadarbības politika
- STARPTAUTISKĀS ATTIECĪBAS
- TIRDZNIECĪBA
- tirdzniecības politika
- tirgus uzraudzība