Speech by Yves Mersch, Member of the Executive Board of the ECB, Seminar: “Financial Stability Policies in a Post-Crisis World” Czech National Bank, 4 March 2013
Czech National Bank, 5-3-2013 — /europawire.eu/ — Financial cycles and the real economy
The global financial crisis has resulted in enormous losses for the real economy and taxpayers in many countries. For policy-makers it has triggered a re-discovery of the analysis of financial cycles and their impact on macroeconomic dynamics.
Although important steps have been taken to improve the prevailing analytical framework, e.g. by incorporating financial frictions in general equilibrium models, these models are in most cases not yet capable of properly taking into account the relationship between the real economy and the financial markets.
I fully agree in this regard with Claudio Borio, who has published (together with his colleagues at the BIS) a range of analytical papers on this topic in the last few years and stated that a proper understanding of financial and leverage cycles is essential for effective policy-making.
Indeed, we are aware of the shortcomings of our analytical capacity and attach high priority to enhancing our knowledge of the interactions between financial and real economic cycles. This will be key to helping decision-makers find the appropriate policy responses to the build-up of excessive systemic risks and thus to prevent the real economy, and ultimately the taxpayers, from the potential adverse impacts of unsustainable financial imbalances.
The institutional framework and instruments of macro-prudential policy
Systemic risks require a comprehensive, systemic policy response. A number of concrete measures have already been taken around the world to set up an appropriate institutional framework for systemic risk analysis and macro-prudential policy-making. Given, however, that we are currently in the “infancy” of macro-prudential policy-making, the evolving institutional framework still varies quite substantially across jurisdictions.
We have models of single institutions (typically central banks), or, alternatively, financial stability boards or committees that are designated to carry out macro-prudential policies. From a financial stability perspective, it is important that the authorities responsible for macro-prudential policies should have (i) a well-defined mandate, (ii) clearly established long-term and intermediate objectives, and (iii) sufficient control over macro-prudential instruments that can be activated (or de-activated) in periods when risks to financial stability have been identified.
Macro-prudential policy framework in Europe
In Europe, the institutional response to these policy challenges was the establishment of the European Systemic Risk Board (ESRB), which has a clearly defined mandate and responsibility in macro-prudential policy-making and coordination at EU level. Having issued its recommendation on the mandate of national macro-prudential authorities, the ESRB also plays a key role in facilitating the establishment of a macro-prudential policy framework at the level of individual Member States.
However, the ESRB does not have direct control over the instruments that are to be used to address systemic risks. While the ESRB can issue recommendations on the application of policy tools, the macro-prudential instruments are ultimately in the hands of national authorities. Therefore, close cooperation between Member States is unavoidable both as regards the assessment of systemic risk and the implementation of macro-prudential policy. This framework will in the future be complemented by the macro-prudential tasks and responsibilities conferred upon the ECB as envisaged in the upcoming Regulation on the Single Supervisory Mechanism (SSM).
Relationship with monetary policy
Given the key role that central banks play in financial stability analysis and macro-prudential policy-making, the question on the relationship with monetary policy naturally arises. The ECB has a clear mandate to preserve price stability over the medium term. However, it may be desirable to incorporate in the decision-making process of monetary policy certain financial variables, which, over the medium to longer term, may influence inflationary developments (e.g. excessive credit growth, asset bubbles etc.).
At the same time, it has to be acknowledged that monetary policy may have its limits in periods when the banking system and the non-bank private sector are busy repairing their balance sheets, i.e. correcting the excessive leverage that they built up in good times. Properly designed and calibrated macro-prudential policies may help to avoid these situations and may thus support the repair of the monetary transmission mechanism.
Furthermore, there is growing evidence that monetary policy itself may contribute to the fluctuation of risk aversion and risk taking in the banking system over time. Concretely, banks can react to the actual stance of monetary policy by changing the composition and the risk profile of their portfolio (“risk-taking channel” of monetary policy). This is another example of how macro-prudential policies can contribute to the effective conduct of monetary policy by addressing cyclical swings in risk taking in a timely manner.
Overall, being responsible for monetary policy means that central banks have an intrinsic and deep interest in a stable financial system. It is therefore desirable that central banks also play a role in financial stability policies, both at the micro and macro levels. The reasons for this are manifold. Let me mention three. First, there are substantial information-related synergies between monetary policy, the supervision of banks and the oversight of payment systems. Second, central banks have already built up expertise on the financial sector as part of the financial stability analysis which could serve as a solid basis for policy actions as well. Third, the operational and institutional independence of central banks, with clearly defined rules of accountability, are important assets that can also contribute to the effective conduct of financial stability policies.
Establishment of the Single Supervisory Mechanism
Monetary policy has clear limitations in addressing macroeconomic imbalances in individual countries within a monetary union. To overcome these limitations and to achieve systemic stability in an integrated financial market, national financial policies should be complemented by a mechanism that enhances coordination and centralises decision-making as well as policy action in certain key areas of micro- and macro-prudential policy. This is the underlying reason for the establishment of the Single Supervisory Mechanism (SSM), with the ECB at its core. There are strong arguments in favour of a central authority that can have a comprehensive, well-informed and unbiased view of the entire euro area banking sector and that is not held hostage by national interests and potential inaction bias.
The establishment of the SSM also helps to break the negative feedback loops between sovereigns and banks. The importance of preventing sovereign problems from spreading to banks (e.g. Greece) or preventing problems from banks spreading to sovereigns (e.g. Ireland) are key lessons drawn from the current crisis.
Furthermore, once the SSM is established, the European Stability Mechanism (ESM) may directly recapitalise banks, thus de-linking banks from their sovereigns. This is key particularly in view of the much observed correlation between the cost of funding of euro area banks and that of their respective sovereigns and the subsequent fragmentation of the European banking system.
Macro-prudential aspects of the SSM
The SSM Regulation will charge the ECB with specific tasks concerning financial stability policies. The Regulation explicitly states that the tasks will be conferred on the ECB “with a view to contributing to the safety and soundness of credit institutions and the stability of the financial system within the EU and each Member State”. The emphasis on the systemic perspective is further strengthened by a reference to “the unity and integrity of the internal market”.
The micro-prudential tasks of the ECB will also have a systemic dimension. Namely, the ECB will take decisions regarding all “significant” banking groups (around 150 banks in the euro area countries). Since these institutions have systemic relevance, prudential measures applied will also have consequences on the stability of the financial system as a whole.
Regarding the macro-prudential tasks conferred on the ECB, the power to initiate and implement macro-prudential measures will primarily remain with the national authorities, subject to a notification mechanism vis-à-vis the ECB. The ECB may object to these measures and the national authorities should duly consider the ECB’s reasons prior to proceeding with any decision. Moreover, any national competent or designated authority may propose to the ECB to act in order to address the specific situation of the financial system and the economy in its Member State.
An important feature of the SSM Regulation is that the ECB may, if deemed necessary, also apply macro-prudential measures. These measures include higher requirements for capital buffers as well as more stringent measures to address systemic or macro-prudential risks at the level of credit institutions. The application of these measures is however subject to the conditions and procedures specifically set out in the Capital Requirements Directive (CRD IV) and the Capital Requirements Regulation (CRR).
The toolbox that is envisaged to be at the disposal of macro-prudential authorities, including the ECB, is rather broad. The set of available instruments defined by the CRD IV includes (i) counter-cyclical capital buffers, (ii) a systemic risk buffer, (iii) a capital surcharge for systemically important financial institutions as well as (iv) Pillar 2 measures applied to groups of institutions. The prudential measures that are falling under the remit of the CRR and that can be used for macro-prudential purposes include (i) capital requirements, (ii) sectoral risk weights, (iii) large exposure limits, (iv) leverage ratio and liquidity requirements, once implemented, and (v) public disclosure requirements.
Additional features of the SSM
When carrying out the tasks conferred upon it, the ECB should act independently and should be accountable to the European Parliament and to the Council. The ECB should submit each year to the European Parliament, the Council, the Commission and the Eurogroup a report on the execution of the tasks conferred upon it.
Furthermore, the ECB will also be accountable to national parliaments.
As concerns the separation from the monetary policy function, the ECB will carry out the supervisory tasks without prejudice to, and separately from, its tasks relating to monetary policy and from any other tasks. The staff involved in carrying out the tasks conferred on the ECB by the Regulation should be organisationally separated and subject to separate reporting lines.
Finally, let me underline that the effective conduct of financial stability policy requires a well-defined decision-making process as well. In this regard, the planning and execution of the tasks will be fully undertaken by the Supervisory Board which will be an internal body composed of a Chair and Vice Chair, four representatives appointed by the ECB, and one representative of the national competent authority in each participating Member State. It is important to highlight from a macro-prudential policy perspective that in cases where the competent authority is not a central bank, the member of the Supervisory Board may decide to bring a representative from the Member State’s central bank. Thus, central banks may also have a word in the decision-making process. Note that, for the purposes of the voting procedure, the representatives of the authorities of any one Member State should together be considered as one member.
The Supervisory Board will carry out preparatory work regarding the supervisory tasks conferred upon the ECB and propose to the Governing Council of the ECB complete draft decisions to be adopted by the latter, pursuant to a procedure to be established by the ECB.
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- Fanpictor unterzeichnet mehrjährige Partnerschaft mit dem Königlich Belgischen Fussballverband
- Fanpictor signe un partenariat pluriannuel avec la Royal Belgian Football Association
- Fanpictor firma una colaboración de varios años con la Real Federación Belga de Fútbol
- Fanpictor firma una partnership pluriennale con la Royal Belgian Football Association
- Fanpictor tekent meerjarige partnership met Koninklijke Belgische Voetbalbond
- Launch of the New Akenza Platform
- De zelflerende algoritme DBLG1®: eenvoudig te gebruiken voor een optimale en gepersonaliseerde behandeling van diabetes type 1
- Launch of the Anna Lindh Foundation Virtual Marathon for Dialogue!
- Digi Communications N.V. announces the exercise of stock options by the Executive Director of the Company pursuant to the decision of the Company’s general meeting of shareholders dated 30 April 2020 and in accordance with the stock option plan approved at the level of the Company in 2017
- New research unlocks long tail growth opportunity for the tech industry
- Digi Communications NV announces the availability of the instructions on the 2020 share dividend payment
- Digi Communications NV announces that conditional stock options were granted to several Directors of the Company based on the approval of the general meeting of shareholders from 18 May 2021
- Digi Communications N.V. Announces the Company’s General Shareholders Meeting resolutions adopted on 18 May 2021 approving, amongst others, the 2020 Annual Accounts
- Digi Communications N.V. (“Digi”) announces the Q1 2021 Financial results
- Digi Communications NV announces Investors Call for the Q1 2021 Financial Results
- Digi Communications N.V. announces an Amendment to the 2021 Financial Calendar
- Fastpayhotels Hits an Industry Milestone by Connecting 500 Hotels Per Day Through DerbySoft Technology
- 4 ways to build a more flexible supply chain
- Join the world's leading virtual CBD event for FREE
- DEEPENING STRATEGIC RELATIONSHIP BETWEEN UBC AND PIONEERING DECENTRALISED PLATFORM, MANYONE
- Mono Solutions recognizes Norwegian small business agency with best website 2021 award
- Mono Solutions and Xrysos Odigos unlock new opportunities for small businesses
- Behind the scenes of a 10,000-people online conference: creating a live-event atmosphere and leveraging cybersecurity software
- Largest Supply Chain for Face masks, FFP2, FFP3 and cloth masks
- TRANSMAR AND TRANSMETRICS SIGN DEAL FOR STATE-OF-THE-ART LOGISTICS COLLABORATION
- Amendment of Digi Communications N.V. Financial Calendar for 2021
- 4iG and Digi Communications NV’s Romanian subsidiary have entered into a term sheet with regards to a potential acquisition by 4iG of DIGI Group’s Hungarian operations
- “Building Healthy Relationships and Enhancing Gender Equality”: Young women from Cyprus, Egypt, Lebanon and Jordan come together
- Bring Ventures investit dans Crossborderit (CBIT), DDP et une solution de commerce électronique
- Bring Ventures investiert in Crossborderit (CBIT), eine DDP (geliefert verzollt) und E-Commerce Lösung
- Bring Ventures invests in Crossborderit (CBIT), DDP and ecommerce solution
- Lionspeed GP with Patrick Kolb and Lorenzo Rocco joins forces with CarCollection Motorsport in 2021
- Eurekos, ein klassenbester LMS-Anbieter, hat seine Position im renommierten Fosway 9-Grid™ für Lernsysteme verbessert
- Eurekos, en førsteklasses LMS-udbyder, har forstærket sin position på den prestigefyldte Fosway 9-Grid™ for læringssystemer
- Eurekos, ein erstklassiger LMS-Anbieter, hat seine Position auf dem renommierten Fosway 9-Grid™ für Lernsysteme weiter ausgebaut
- Digi Communications N.V. announces Share transaction made by an executive director of the Company with class B shares
GreenMantra Technologies Announces Exclusive Distribution Relationship with HARKE GROUP
- Digi Communications N.V.: Announces an Amendment to the Financial Calendar for 2021
- Ideanomics Invests $13M in Italian EV Motorcycle Company, Energica
- DigiSky and Asman Technology Announce Global Reseller Agreement
- Neowintech - O Marketplace Da Sua Próxima Solução Financeira
- Neowintech - Il Marketplace per la tua prossima soluzione finanziaria
- PIONEERING DECENTRALISED SECURE MESSAGING PLATFORM MANYONE ANNOUNCES STRATEGIC RELATIONSHIP WITH UNIVERSITY COLLEGE LONDON CENTRE BLOCKCHAIN TECHNOLOGY
- Digi Communications NV announces the release of the 2020 Preliminary Financial Results
- Fraunhofer IGD develops automated robotic arm to scan cultural objects in 3D, now cooperating with Phase One
- Adapt Fast or Disappear – Choosing the Right Supplier
- Digi Communications NV announces Investors Call for the 2020 Preliminary Financial Results
- A URSAPHARM Arzneimittel e a CEBINA anunciam uma parceria com vista a reaproveitar o anti-histamínico azelastina para combater a COVID-19
- URSAPHARM Arzneimittel et CEBINA annoncent un partenariat pour reconvertir l'antihistaminique azélastine afin de lutter contre la COVID-19
- URSAPHARM Arzneimittel y CEBINA anuncian una colaboración para readaptar el antihistamínico azelastine para combatir la COVID-19
- URSAPHARM Arzneimittel and CEBINA announce partnership to repurpose the antihistamine azelastine to combat COVID-19
- ANIL UZUN Will Launch Bass Guitar Lessons Series on Youtube
- Henrik Stampe Appointed CEO for Mono Solutions
- Anna Mossberg leder Nordens största privata AI-lab i Sverige: "Utan AI riskerar svenska företag att förlora sin konkurrensfördel."
- What COVID-19 has taught us about manufacturing & the importance of a digital online marketplace
- Digi Communications N.V. announces: the Supreme Court of Hungary dismissed the Company’s appeal related to the 5G Tender procedure
- Customer Data Platform Industry to Reach $1.5 Billion in 2021: CDP Institute Report
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