ESRB narrows its macro-prudential tools
The European Systemic Risk Board is about to announce a slimmed-down list of potential macro-prudential tools, but who has the power to use them is still the subject of debate. By Michael Watt
Expert opinion may be divided on whether macro-prudential supervision will work, but regulators are ploughing ahead with proposals nonetheless. At the end of 2011, the European Systemic Risk Board (ESRB) – set up in December 2010 as a region-wide watchdog – was debating a list of 42 possible macro-prudential tools that could be used to deflate emerging asset bubbles and steer economies away from danger. According to Francesco Mazzaferro, head of the ESRB secretariat, the list has now been
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