2013-04-04

Added 2026-07-13 · Updated 2026-09-22

Recommendation on intermediate objectives and instruments of macro-prudential policy

The European Systemic Risk Board recommends that macro-prudential authorities define intermediate objectives to mitigate excessive credit growth, leverage, maturity mismatch, exposure concentrations, and moral hazard, while strengthening financial infrastructure resilience. Member States are advised to ensure these authorities possess direct control or recommendation powers over a sufficient set of instruments, such as counter-cyclical capital buffers and loan-to-value limits, to pursue these objectives. Authorities must establish a coherent policy strategy linking objectives to instruments, conduct periodic evaluations of their effectiveness, and report on implementation actions to the ESRB, the European Banking Authority, and the Council by specified deadlines in 2014 and 2015.

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Issued under: Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board2010
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Source: European Systemic Risk Board — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works