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Past Event

Macroprudential policy: what instruments can be effective?

The concept of “macroprudential” financial policy, long advocated from Basel by the Bank for International Settlements, has gained prominence in the wake of recent financial turmoil, and most large jurisdictions have created new institutions that focus on the macroprudential level as opposed to traditional, “micro” prudential supervision of individual financial institutions. This includes the European […]

Date: Mar 6 - Topic: Finance & Financial Regulation

The concept of “macroprudential” financial policy, long advocated from Basel by the Bank for International Settlements, has gained prominence in the wake of recent financial turmoil, and most large jurisdictions have created new institutions that focus on the macroprudential level as opposed to traditional, “micro” prudential supervision of individual financial institutions. This includes the European Systemic Risk Board, the US Financial Stability Oversight Council, and various new bodies at the level of individual member states. These new institutions, however, will ultimately be only as effective as the instruments they wield. Intriguingly, the debate on macroprudential policy instruments is still at an early stage. To explore it further, this session presented new analysis from the Bank of England as well as a perspective from one of the Eurosystem’s National Central Banks.

Speakers

David Aikman has overall responsibility for advising the Bank of England’s newly formed Financial Policy Committee on macroprudential policy tools. His team also leads for the Bank on prudential policy matters in Basel, at the European Systemic Risk Board and in other EU-level discussions. He joined the Bank in 2003 and has worked there in macroeconomic forecasting and analysis. He holds a PhD in Macroeconomics from the University of Warwick.

Stijn Ferrari joined the National Bank of Belgium in 2009 and works there in the Prudential Policy and Financial Stability Department. In this capacity he participates in several international working groups on macroprudential policy instruments. He holds an MSc in Advanced Studies in Economics and a PhD in Economics from Katholieke Universiteit Leuven.

Chair – Nicolas Véron, Senior Fellow, Bruegel

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Upcoming Event

Sep
2
13:00

European banks: under global competitive pressure?

Bruegel Annual Meetings, Day 2 - European banks have lost stature and remain generally low-profitability, low-valuation in comparison to their global peers. Is that a problem? If so, what can EU policymakers do to address it?

Speakers: José Antonio Álvarez Álvarez, Mairead McGuinness and Nicolas Véron Topic: European Macroeconomics & Governance, Finance & Financial Regulation Location: Palais des Academies, Rue Ducale 1
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Upcoming Event

Sep
2
14:15

Monetary and macroeconomic policies at the crossroads

Bruegel Annual Meetings, Day 2- In this session we would like to discuss monetary and macroeconomic policies after Covid-19.

Speakers: Grégory Claeys, Per Callesen, Gita Gopinath, Jorge Sicilia Serrano and Lawrence H. Summers Topic: Finance & Financial Regulation Location: PALAIS DES ACADEMIES, RUE DUCALE 1
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Upcoming Event

Sep
3
10:15

Sustainable finance

Bruegel Annual Meetings, Day 3 - In this session on the final day of the Meetings, our panelists will discuss the future of finance and its sustainability.

Speakers: Maria Demertzis, Alberto De Paoli, Pierre Heilbronn and Alexandra Jour-Schroeder Topic: Energy & Climate, Finance & Financial Regulation Location: Palais des Académies, Rue Ducale 1, Brussels
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Past Event

Past Event

Financing for Pandemic Preparedness and Response

How can we better prepare for future pandemics? In this event, co-hosted by the Center for Global Development and Bruegel think tanks, speakers will present "A Global Deal for Our Pandemic Age", a report of the G20 High Level Independent Panel on Financing the Global Commons for Pandemic Preparedness and Response.

Speakers: Masood Ahmed, Victor J. Dzau, Amanda Glassman and Lawrence H. Summers Topic: Finance & Financial Regulation, Global Economics & Governance Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: July 14, 2021
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Blog Post

SPACs in the gap

Special-purpose acquisition vehicles could fill a gap in European equity markets and lure risk-averse investors off the sidelines.

By: Rebecca Christie Topic: European Macroeconomics & Governance, Finance & Financial Regulation Date: July 13, 2021
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Blog Post

The EU green bond standard: sensible implementation could define a new asset class

The proposed EU green bond standard will be less prone to ‘greenwashing’, and the widest possible set of issuers and jurisdictions should be encouraged to use the standard.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: July 13, 2021
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Blog Post

Banks post-Brexit: regulatory divergence or parallel tracks?

Post-Brexit UK bank regulation is not likely to compromise on international standards, but will place greater emphasis on competition, making close UK-EU dialogue essential.

By: Alexander Lehmann Topic: Finance & Financial Regulation Date: July 6, 2021
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External Publication

European Parliament

UK banks in international markets

Implications of UK-euro area divergence in regulation and supervisory practice

By: Alexander Lehmann Topic: European Parliament, Finance & Financial Regulation, Testimonies Date: June 25, 2021
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Past Event

Past Event

Multilateralism in banking regulation and supervision

This members-only event welcomes Carolyn Rogers Secretary General of the Basel Committee on Banking Supervision.

Speakers: Carolyn Rogers and Nicolas Véron Topic: Finance & Financial Regulation Location: Bruegel, Rue de la Charité 33, 1210 Brussels Date: June 24, 2021
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External Publication

European Parliament

What Are the Effects of the ECB’s Negative Interest Rate Policy?

This paper explores the potential effects (and side effects) of negative rates in theory and examines the evidence to determine what these effects have been in practice in the euro area.

By: Grégory Claeys Topic: European Parliament, Finance & Financial Regulation, Testimonies Date: June 9, 2021
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Policy Contribution

Europe should not neglect its capital markets union

The European Union’s capital markets remain very underdeveloped compared to the United States. The market for equity, as measured as the size of the total market capitalisation of listed domestic firms relative to GDP, is much larger in the US and in Japan than in Europe.

By: Maria Demertzis, Marta Domínguez-Jiménez and Lionel Guetta-Jeanrenaud Topic: Finance & Financial Regulation Date: June 7, 2021
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Blog Post

Banks in a net-zero Europe

A net-zero emissions target is a powerful incentive for the low-carbon transition, but for bank supervisors, climate-related risks, not climate outcomes, should remain the focus.

By: Alexander Lehmann Topic: Energy & Climate, Finance & Financial Regulation Date: June 1, 2021
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