ZBB 2015, 349
The New Actors of Macroprudential Supervision in Germany and Europe – A Critical Evaluation
With the CRR/CRD IV package being in effect, the banking supervisors of the European Union possess an impressive set of macroprudential instruments to fight systemic risks in the financial system. However, in order to be effective and efficient, the instruments need an appropriate organizational and institutional setting. The text analyzes the complex multi-level network of actors of macroprudential supervision from a legal and economic perspective.
Contents
- I. Introduction
- II. Overview of the new macroprudential architecture
- 1. Systemic oversight and sector-specific macroprudential tools
- 2. European and national competencies
- 3. Internal market and the Eurozone
- III. Characteristics of macroprudential actors
- 1. Objective of macroprudential supervision
- 1.1 ESRB
- 1.2 ECB
- 1.3 Deutsche Bundesbank and AFS
- 1.4 BaFin
- 1.5 Comparison
- 2. Institutional arrangements
- 2.1 Actors of systemic oversight
- 2.1.1 ESRB
- 2.1.2 AFS
- 2.1.3 Deficits of the institutional design
- 2.2 Actors implementing macroprudential tools
- 2.2.1 ECB
- 2.2.2 BaFin and Deutsche Bundesbank
- 3. Tasks, powers and instruments
- 3.1 Systemic oversight
- 3.1.1 ESRB
- 3.1.2 AFS and Deutsche Bundesbank
- 3.2 Implementing macroprudential tools
- 3.2.1 Available tools
- 3.2.2 Distribution of powers
- 3.3 Transmission of systemic oversight into macroprudential supervision
- 4. Transparency, accountability and independence
- 4.1 ESRB
- 4.2 AFS
- 4.3 ECB
- 4.4 Deutsche Bundesbank
- 4.5 BaFin
- 4.6 Comparison
- 5. Internal market integrity
- IV. Resume: Will macroprudential supervision be effective?
- 1. Deficits of the existing institutional framework
- 2. Remedies
- *
- *)Professor of Public Law, European Law, and Comparative Law at Johannes Gutenberg University Mainz
- **
- **)Professor of Financial Economics at University of BonnThe research on macroprudential supervision was supported by a grant of “Stiftung Geld und Währung”. We would like to thank Christopher Finck, Niklas Gadatsch, Tobias Körner, Hermann Remsperger and Felix Rutkowski for useful comments and suggestions.
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