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Macro­pru­den­tial su­per­vi‍sion in oth­er coun­tries

EU member states have established national macroprudential authorities on the basis of CRD IV and the recommendation of the ESRB. The ESRB website provides an overview of the macroprudential authorities of our European neighbours. In addition, the ESRB website provides a summary of macroprudential policies at the national level.

The introduction of macroprudential measures in one country can lead to a regulatory gap in relation to other countries, i.e. differences in regulatory requirements. This can result in stability risks. The regulatory gap can be both within the country taking action – due to different rules for subsidiaries and branches of foreign banks – as well as in relation to the other EU member states. In order to prevent any resulting stability risks, the European Systemic Risk Board (ESRB) published a recommendation on voluntary reciprocity, i.e. the voluntary mutual recognition of macroprudential measures, at the beginning of 2016. The ESRB supplemented this recommendation in 2017. The updates to the voluntary reciprocity framework provide that the country undertaking a macroprudential measure and requesting reciprocity must propose a specific materiality threshold at the institution level.

The countercyclical capital buffer represents one example of a reciprocal measure. For example, foreign banks are required apply the CCyB applicable in Germany to the risk positions they hold in relation to Germany.