currency intermediation (partial dollarization of the domestic banking system) and the ways to address its systemic risks … by foreign currency intermediation. We explain the trade-off between the positive effect of foreign currency … intermediation on growth in tranquil times and its negative effect in terms of financial fragility. We review the narrative and …

This occasional paper describes how the financial stability and macroprudential policy functions are organised at the … ECB. Financial stability has been a key policy function of the ECB since its inception. Macroprudential policy tasks were …’s macroprudential governance framework in the new institutional set-up. After reviewing the concept and origins of systemic risk, it …

This paper describes concepts and tools behind macroprudential monitoring and the growing importance of macroprudential … tools for assessing the stability of financial systems. This paper also employs a macroprudential approach in examining … Europe as well as selected economies from the developed world, panel regressions are estimated to quantify the impacts of the …

(CRFR), drawing on a growing body of macrofinancial literature and policy work, and discusses the options macroprudential …' macroprudential policy, both epistemological and methodological as well as behavioural, and points to potential ingredients of a … ‘green' macroprudential policy. In light of the radical uncertainty in relation to the dynamics of CRFR, the timing of policy …