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Macroprudential Banking Supervision & Monetary Policy - Legal Interaction in the European Union (Paperback, Softcover reprint of the original 1st ed. 2018)
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Macroprudential Banking Supervision & Monetary Policy - Legal Interaction in the European Union (Paperback, Softcover reprint of the original 1st ed. 2018)
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The European experience suggests that the efforts made to achieve
an efficient trade-off between monetary policy and prudential
supervision ultimately failed. The severity of the global crisis
have pushed central banks to explore innovative tools-within or
beyond their statutory constraints-capable of restoring the smooth
functioning of the financial cycle, including setting
macroprudential policy instruments in the regulatory toolkit. But
macroprudential and monetary policies, by sharing multiple
transmission channels, may interact-and conflict-with each other.
Such conflicts may represent not only an economic challenge in the
pursuit of price and financial stability, but also a legal
uncertainty characterizing the regulatory developments of the EU
macroprudential and monetary frameworks. In analyzing the "legal
interaction" between the two frameworks in the EU, this book seeks
to provide evidence of the inconsistencies associated with the
structural separation of macroprudential and monetary frameworks,
shedding light upon the legal instruments that could reconcile any
potential policy inconsistency.
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