Towards a Macroprudential Policy in the EU : Main Issues

The aim of the paper is to analyze the state of art of macroeconomic policies (MAP) with a focus on the case of the European Union. To this end the institutional framework of Map is introduced and discussed with regard to relations and/or conflicts with other policies; to agencies involved, their mandate, accountability and governance issues. The operative framework, intermediate and final targets and toolkit, is specifically analyzed with regard to the case of the European Union and the introduction, in 2011,of a macroprudential supervisory pillar based on the European Systemic Risk Board, ESRB. Finally the main issues facing the new European supervisory architecture are introduced: the organization of MAP within the Single Supervisory Mechanisms, SSM, the definition of the role of the ECB and of ESRB as far as macroprudential policy is concerned. In the conclusions we evaluate the new architecture which is quite complex and cumbersome, and the challenge that the SSM is facing: to achieve comprehensive, rational, effective and efficient supervision, avoiding overlapping of competences and clarifying the specific roles of different bodies while keeping away additional burdens for the institutions supervised