Press room

Given the costs of the financial crisis in 2008, proposals for reform and financial regulation strengthening have increased in all affected countries. The recent crisis has shown how price stability is not enough to ensure financial stability.

Proposals for reform of financial regulation were then directed to the so-called "macroprudential" policy, whose objective is to maintain global financial stability, which involves the prevention of risks related financial system ex ante and to mitigate their impact on the economy in times of crisis.

To understand how to promote both financial and price stability, it is necessary to understand the roles and boundaries of monetary and macroprudential policies, as well as their interactions.

At the time of the construction of the Union Bank and the extension of the responsibility of the European Central Bank's banking supervision, this policy brief comes back on the implementation of Bâle III proposals for union bank at European level and advance tracks to ensure the independence of the conduct of macroprudential policy in the ECB.