## European Union: Publication of Financial Sector Assessment Program Documentation—Technical Note on Macroprudential Oversight and the Role of the ESRB

_IMF Staff Country Reports, March 15, 2013_

## Source details

**Canonical URL:** [European Union: Publication of Financial Sector Assessment Program Documentation—Technical Note on Macroprudential Oversight and the Role of the ESRB](https://www.imf.org/en/publications/cr/issues/2016/12/31/european-union-publication-of-financial-sector-assessment-program-documentation-technical-40398)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/european-union-publication-of-financial-sector-assessment-program-documentation-technical-40398/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/european-union-publication-of-financial-sector-assessment-program-documentation-technical-40398/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/european-union-publication-of-financial-sector-assessment-program-documentation-technical-40398/bundle-manifest.json)

## Bibliographic details
- Published: March 15, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475591156.002

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### Overview
- 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.

### Key Findings and Analysis
- The ESRB is central to macroprudential oversight in the European Union.
- Macroprudential policy objectives:
  - Identify financial risks.
  - Reduce financial risks.
  - Limit financial imbalances.
- Macroprudential policy applies to both upturns and downturns of economic cycles.
- 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.

### Policy Recommendations
- 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.

### Outputs, Scope, and Instruments
- 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 and Keywords
- 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.

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## Content in this bundle

- **_cr1370 — Macroprudential Oversight and the Role of the Esrb — Technical Note**
  - [_cr1370 — Macroprudential Oversight and the Role of the Esrb — Technical Note (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr1370.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr1370 — Macroprudential Oversight and the Role of the Esrb — Technical Note (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2013/_cr1370.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/european-union-publication-of-financial-sector-assessment-program-documentation-technical-40398_