The New Actors of Macroprudential Supervision in Germany and Europe – A Critical Evaluation

Abstract With the CRR/CRD IV package being in effect, the banking supervisors of the European Union possess an impressive set of macroprudential instruments to fight systemic risks in the financial system. However, in order to be effective and efficient, the instruments need an appropriate organizational and institutional setting. The text analyzes the complex multi-level network of actors of macroprudential supervision from a legal and economic perspective.