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Financial market stability and macroprudential policy

German Financial Stability Committee

One of the key lessons of the re­cent fi­nan­cial cri­sis was that, in ad­di­tion to main­tain­ing the sta­bil­i­ty of in­di­vid­u­al in­sti­tu­tions, it is im­por­tant to up­hold the func­tion­ing and ca­pac­i­ty of the fi­nan­cial sys­tem as a whole. To this end, it was nec­es­sary to fur­ther strength­en macro­pru­den­tial su­per­vi­sion, which fo­cus­es on the sta­bil­i­ty of the en­tire fi­nan­cial sys­tem, and to link it more close­ly to mi­cro­pru­den­tial su­per­vi­sion, which looks at in­di­vid­u­al in­sti­tu­tions.

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International bodies

At the Eu­ro­pean and in­ter­na­tion­al lev­el, the Eu­ro­pean Sys­temic Risk Board (ES­RB) and the Fi­nan­cial Sta­bil­i­ty Board (FSB) were cre­at­ed specif­i­cal­ly to be able to iden­ti­fy and ad­dress sys­temic risks to the Eu­ro­pean and glob­al fi­nan­cial sys­tem at an ear­ly stage.

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Macroprudential instruments

The pur­pose of macro­pru­den­tial in­stru­ments such as cap­i­tal buffers for sys­tem­i­cal­ly im­por­tant in­sti­tu­tions and the coun­ter­cycli­cal cap­i­tal buffer is to en­hance the re­silience of the fi­nan­cial sys­tem as a whole. Ger­many al­ready laid the nec­es­sary le­gal foun­da­tions for this with the im­ple­men­ta­tion of Basel III in the EU. In its ca­pac­i­ty as na­tion­al des­ig­nat­ed au­thor­i­ty, the Fed­er­al Fi­nan­cial Su­per­vi­so­ry Au­thor­i­ty (BaFin) is the re­spon­si­ble for ap­ply­ing these macro­pru­den­tial in­stru­ments.

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Reports on financial stability

The Fi­nan­cial Sta­bil­i­ty Com­mit­tee re­ports to the Ger­man Bun­destag about the fi­nan­cial sta­bil­i­ty sit­u­a­tion and cur­rent trends on an an­nu­al ba­sis, usu­al­ly in June. Each year in Novem­ber, the Deutsche Bun­des­bank presents its fi­nan­cial sta­bil­i­ty re­port, which anal­y­ses the re­silience of the fi­nan­cial sys­tem and the risks to fi­nan­cial sta­bil­i­ty in Ger­many.

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