{
  "title": "Germany: Financial Sector Assessment Program Technical Note—Macroprudential Policy Framework And Tools",
  "publication": "IMF Staff Country Reports, August 3, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/08/02/germany-financial-sector-assessment-program-technical-note-macroprudential-policy-framework-521671",
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  "summary": "Germany’s macroprudential policy framework and toolkit are well developed. The FSAP found the institutional arrangements for macroprudential policy to be mostly sound and operating well.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Germany’s macroprudential policy framework and toolkit are well developed.\n- The FSAP found the institutional arrangements for macroprudential policy to be mostly sound and operating well.\n- Capacity and expertise in risk monitoring are good, supported by the analytical power and data access of the central bank and close coordination between the macro- and microprudential arms of the financial supervisory authorities."
    },
    {
      "heading": "Key findings",
      "content": "- Institutional arrangements: Mostly sound and operating well.\n- Risk monitoring: Capacity and expertise are good due to central bank analytical power and data access.\n- Coordination: Close coordination exists between macroprudential and microprudential supervisory authorities.\n- Toolkit development: Germany’s macroprudential toolkit continues to develop."
    },
    {
      "heading": "Principal outstanding task / Policy recommendation",
      "content": "- Add powers to set caps on debt-to-income and debt service-to-income ratios on residential real estate loans to the already-established powers over loan-to-value ratios and amortization rates.\n- Rationale: These additions will place Germany’s toolkit on a par with its peers."
    },
    {
      "heading": "Thematic subjects covered",
      "content": "- Countercyclical capital buffers\n- Financial regulation and supervision\n- Financial Sector Assessment Program (FSAP)\n- Financial sector policy and analysis\n- Financial sector stability\n- International organization\n- Macroprudential policy\n- Macroprudential policy instruments\n- Monetary policy\n\nInternational Monetary Fund. Germany: Financial Sector Assessment Program Technical Note—Macroprudential Policy Framework And Tools, August 3, 2022.\n\n---\n\n Content in this bundle\n\n- 1deuea2022005\n  - 1deuea2022005 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1deuea2022005 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 3, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400217395.002",
    "Germany’s macroprudential policy framework and toolkit are well developed.",
    "The FSAP found the institutional arrangements for macroprudential policy to be mostly sound and operating well.",
    "Capacity and expertise in risk monitoring are good, supported by the analytical power and data access of the central bank and close coordination between the macro- and microprudential arms of the financial supervisory authorities.",
    "Institutional arrangements: Mostly sound and operating well.",
    "Risk monitoring: Capacity and expertise are good due to central bank analytical power and data access.",
    "Coordination: Close coordination exists between macroprudential and microprudential supervisory authorities.",
    "Toolkit development: Germany’s macroprudential toolkit continues to develop.",
    "Add powers to set caps on debt-to-income and debt service-to-income ratios on residential real estate loans to the already-established powers over loan-to-value ratios and amortization rates.",
    "Rationale: These additions will place Germany’s toolkit on a par with its peers.",
    "**1deuea2022005**"
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