The 2019 revision to the Capital Requirements Directive allowed the systemic risk buffer to be applied on a sectoral basis in the European Union. Since then an increasing number of countries have implemented the new tool, primarily to address vulnerabilities in the residential real estate...

The 2019 revision to the Capital Requirements Directive allowed the systemic risk buffer to be applied on a sectoral basis in the European Union. Since then an increasing number of countries have implemented the new tool, primarily to address vulnerabilities in the residential real estate...

In this working paper, we treat legitimacy and legitimation as interactive, discursive and relational concepts: Legitimacy is socially constructed in the public spheres of (democratic) political regimes, that is, in discursive exchanges of political elites and citizens about the acceptability of...