Administrative Law Aspects of the Macroprudential Regulation and Supervision of the Financial Intermediary System – Normativity, Organisation, Toolkit

Macroprudential policy has developed a new set of instruments for the mechanisms with which the state intervenes in the economy through its public administration. However, the global economic crisis and the need for rapid action did not allow time for the inclusion of macroprudential policy into the dogmatics of administrative law and therefore this needs to be done subsequently. This study analyses the legal nature of normative regulation related to macroprudential policy, the organisational features of the macroprudential authority and the legal appearance of macroprudential instruments. The final conclusion of the study is that the content of the public good or public goal, i.e. financial stability, to be implemented by macroprudential policy is extremely poorly defined. Considering the above, for the assessment of the achievement of financial stability, i.e. for the state control of the efficient fulfilment of the public goal, the regulatory environment must create an efficient legal guarantee system