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8th Macroprudential Policy Group Workshop

Institutional and operational framework for macroprudential policies and tools in Europe

14 October 2025, Budapest

Hybrid event - by invitation only

After the global financial crisis, macroprudential policy has become a distinct and integral part of the European supervisory framework, with the aim of preserving financial stability.

Following the recommendation of the European Systemic Risk Board (ESRB) on the macro-prudential mandate of national authorities, all jurisdictions have made significant progress in establishing an institutional and operational framework for macroprudential policy. 

At the same time, there are considerable differences between jurisdictions in terms of organisational structures, responsibilities and accountability regimes, the use and availability of macroprudential instruments, and decision-making processes.

This workshop will explore how these aspects affect the use of macroprudential policies and tools in Europe and consequently have an impact on financial stability. 

Programme

All times are local (CET +1)

* Indicates the presenter

8:30

Coffee & registration

9:00

Welcome remarks

Ádám Banai, Executive Director and Chief Economist, Magyar Nemzeti Bank

9:15

Introduction: special address
The implementation of the macroprudential function within the EU/EEA: lessons from the past and future challenges

Emily Beau, European Systemic Risk Board

9:45

Session 1: Institutional framework

A literature review on the institutional and operational framework for macroprudential policies

Diana Lima, Banco de Portugal

Implementing borrower-based measures in the EU – The role of institutional frameworks

  • Mara Pirovano*, European Central Bank
  • Elena Durante, European Central Bank
  • Giovanna Milone, European Central Bank
  • Radu Popa, European Central Bank

Discussant: Sandra Frimann-Clausen, Finansinspektionen

Moderator: Carsten Detken, European Central Bank, MPPG co-chair

10:45

Coffee break

11:15

Session 2: The use of capital-based measures

Countercyclical capital buffer, quo vadis? Determinants of CCyB decisions

  • Carsten Detken*, European Central Bank

  • Mara Pirovano, European Central Bank

  • Alessandro Scopelliti, KU Leuven

  • Florian Stammwitz, Frankfurt School of Finance & Management

Discussant: Giuseppe Napoletano, Banca d’Italia

What factors truly drive the countercyclical capital buffer rates in Europe?

  • Michael Sigmund*, Oesterreichische Nationalbank
  • Sophia Döme, Finanzmarktaufsicht Liechtenstein

Discussant: Fátima Silva, Banco de Portugal


Bank capital and balance sheet management during times of distress

  • Stefan W. Schmitz*, Oesterreichische Nationalbank
  • Co-authors: paper prepared by members of the Bank for International Settlements working group

Discussant: Carmen Broto, Banco de España

Moderator: Tomas Garbaravičius, Lietuvos Bankas, MPPG co-chair

12:45

Lunch

14:00

Keynote address

Institutional arrangements for effective macroprudential policy

Erlend Nier, International Monetary Fund

Moderator: Carsten Detken, European Central Bank, MPPG co-chair

14:30

Session 3: The use of borrower-based measures

Macroprudential policies to mitigate housing market risks

  • Ryan Banerjee*, Bank for International Settlements

  • Report prepared by a CGFS Study Group

Income-based tools to mitigate housing market risks - Where might we have been without them?

  • Lu Zhang*, De Nederlandsche Bank
  • Co-authors: Experts from the Bank for International Settlements and participating central banks

Discussant: Ursula Vogel, Deutsche Bundesbank

Moderator: Tomas Garbaravičius, Lietuvos bankas, MPPG co-chair

15:30

Coffee break

16:00

Session 3 (ctd.): The use of borrower-based measures

The impact of borrower-based macroprudential policies on financial stability, inequality, and housing stock with a high-resolution, data-driven model

  • András Borsos*, Magyar Nemzeti Bank
  • Zsuzsanna Hosszú, Magyar Nemzeti Bank
  • Bence Mérő, Magyar Nemzeti Bank
  • Nikolett Vágó, Magyar Nemzeti Bank

Discussant: Pavol Jurča, Národná banka Slovenska

Moderator: Tomas Garbaravičius, Lietuvos Bankas, MPPG co-chair

16:30

Policy panel: Institutional and operational framework

  • Erlend Nier, International Monetary Fund
  • Ádám Banai, Magyar Nemzeti Bank
  • Ryan Banerjee, Bank for International Settlements
  • Pierluigi Bologna, Banca d’Italia

Moderator: Carsten Detken, European Central Bank, MPPG co-chair

17:15

Closing remarks

17:30

End of workshop

Please note that this programme may be subject to change without notice.

General information

Venue

Magyar Nemzeti Bank Buda Headquarters

55 Krisztina körút

Budapest, Hungary

Language

English

Organiser

  • Carsten Detken, MPPG co-chair, ECB

  • Tomas Garbaravičius, MPPG co-chair, Lietuvos Bankas

  • Marco van Hengel, MPPG Secretary, ECB

  • Evelyn Herbert, IWG Secretary, ESRB

  • Anne McTaggart, MPPG Secretariat, ECB

  • Rafailaki Melpomeni, MPPG Secretariat, ECB

  • János Szakács, Magyar Nemzeti Bank

Contacts

Organising Committee
WorkshopMacropru@ecb.int

ECB-MPPG Secretariat
Anne McTaggart
+49 69 1344 6372
MPPGSecretariat@ecb.int