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
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