{
  "title": "European Union: Publication of Financial Sector Assessment Program Documentation—Technical Note on Macroprudential Oversight and the Role of the ESRB",
  "publication": "IMF Staff Country Reports, March 15, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/european-union-publication-of-financial-sector-assessment-program-documentation-technical-40398",
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  "summary": "This article reviews the European Systematic Risk Board (ESRB), its role, approach, outputs, and effects in the European Union. The ESRB is the reason for macroprudential oversight of financial systems.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Article reviews the European Systematic Risk Board (ESRB), its role, approach, outputs, and effects in the European Union.\n- States that the ESRB is the reason for macroprudential oversight of financial systems.\n- Describes macroprudential policy as used to identify and reduce financial risks and limit financial imbalances across economic cycles (both upturns and downturns).\n- Concludes that the role of the ESRB should be further enhanced to cover the entire financial system and institutions.\n- Publication date: March 15, 2013."
    },
    {
      "heading": "Key Findings and Analysis",
      "content": "- The ESRB is central to macroprudential oversight in the European Union.\n- Macroprudential policy objectives:\n  - Identify financial risks.\n  - Reduce financial risks.\n  - Limit financial imbalances.\n- Macroprudential policy applies to both upturns and downturns of economic cycles.\n- Recommendation to further enhance the ESRB’s remit to encompass the entire financial system and financial institutions.\n- Effects considered include ESRB outputs and their influence on EU financial stability."
    },
    {
      "heading": "Policy Recommendations",
      "content": "- Enhance the role of the ESRB to cover the entire financial system and institutions.\n- Use macroprudential policy proactively during both economic upturns and downturns to identify and mitigate systemic risks and financial imbalances."
    },
    {
      "heading": "Outputs, Scope, and Instruments",
      "content": "- Focus on ESRB outputs, approach, and effects within the EU financial sector.\n- Identifies macroprudential policy instruments as tools to address systemic risk and stability concerns.\n- Emphasizes systemic risk assessment as core to ESRB activities."
    },
    {
      "heading": "Subjects and Keywords",
      "content": "- Subjects: Financial sector policy and analysis; Financial sector stability; Macroprudential policy; Macroprudential policy instruments; Systemic risk; Systemic risk assessment.\n- Keywords: a number of EU credit institution; CR; ESRB recommendation; ESRB staff; EU country; EU credit institution; EU financial system; EU institution; EU level; Europe; Financial sector stability; ISCR; Macroprudential policy; Macroprudential policy instruments; stability concern; Systemic risk; Systemic risk assessment.\n\n---\n\n Content in this bundle\n\n- cr1370 — Macroprudential Oversight and the Role of the Esrb — Technical Note\n  - cr1370 — Macroprudential Oversight and the Role of the Esrb — Technical Note (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1370 — Macroprudential Oversight and the Role of the Esrb — Technical Note (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 15, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475591156.002",
    "Article reviews the European Systematic Risk Board (ESRB), its role, approach, outputs, and effects in the European Union.",
    "States that the ESRB is the reason for macroprudential oversight of financial systems.",
    "Describes macroprudential policy as used to identify and reduce financial risks and limit financial imbalances across economic cycles (both upturns and downturns).",
    "Concludes that the role of the ESRB should be further enhanced to cover the entire financial system and institutions.",
    "Publication date: March 15, 2013.",
    "The ESRB is central to macroprudential oversight in the European Union.",
    "Recommendation to further enhance the ESRB’s remit to encompass the entire financial system and financial institutions.",
    "Effects considered include ESRB outputs and their influence on EU financial stability.",
    "Enhance the role of the ESRB to cover the entire financial system and institutions.",
    "Use macroprudential policy proactively during both economic upturns and downturns to identify and mitigate systemic risks and financial imbalances.",
    "Focus on ESRB outputs, approach, and effects within the EU financial sector.",
    "Identifies macroprudential policy instruments as tools to address systemic risk and stability concerns.",
    "Emphasizes systemic risk assessment as core to ESRB activities.",
    "Subjects: Financial sector policy and analysis; Financial sector stability; Macroprudential policy; Macroprudential policy instruments; Systemic risk; Systemic risk assessment.",
    "Keywords: a number of EU credit institution; CR; ESRB recommendation; ESRB staff; EU country; EU credit institution; EU financial system; EU institution; EU level; Europe; Financial sector stability; ISCR; Macroprudential policy; Macroprudential policy instruments; stability concern; Systemic risk; Systemic risk assessment.",
    "**_cr1370 — Macroprudential Oversight and the Role of the Esrb — Technical Note**"
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