ECB’s Mersch says macro-prudential policy is not a panacea

Yves Mersch says there is much to learn about how tools work; sees potential for ‘conflicts of competence’ between micro- and macro-prudential authorities

Yves Mersch, European Central Bank

Yves Mersch is a firm proponent of using macro-prudential policy to address financial stability concerns, but on May 18 he warned policy-makers against expecting too much from it.

Mersch, a European Central Bank (ECB) executive board member, supports "leaning against the wind" when there is no conflict between monetary policy and financial stability, he told an audience at the Swedbank Global Outlook Summit in Stockholm.

However, in a more "conflicting environment" it becomes necessary to use

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