ESRB report studies allocation of macro-prudential powers
Swedish experience suggest allocating powers to central bank is ‘preferable’
Coordinating monetary and macro-prudential policies is easier if the powers lie within a single institution, according to a report published by the European Systemic Risk Board (ESRB), which pointed to Sweden as an example of what can go wrong when they are separated.
Macro-prudential powers rest with the central bank in 19 of the 28 EU member states (68%), while in six states they reside with the financial authority. Very rarely does it rest with the government (Denmark) or a committee (France
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