Claudia Buch: Evidence-based policy - progress and next steps

Speech by Prof Claudia Buch, Vice-President of the Deutsche Bundesbank, at the Reception hosted by the Deutsche Bundesbank on the occasion of the Annual Meeting of the Verein für Socialpolitik, Leipzig, 23 September 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

On behalf of the Executive Board of the Bundesbank, I would like to welcome you to this year's reception on the occasion of the Annual Meeting of the Verein für Socialpolitik. We have just heard some very interesting discussions on the role of central banks in the process of EU enlargement. I would like to thank all the panelists for their contributions!The discussion has shown that central banks play an important role in the European integration process - not only within the euro area but also in the European Union as a whole. Let me give a few examples of how the Bundesbank contributes as a constructive partner to decision-making in Europe: Monetary policy decisions are taken at the Eurosystem level, based on analytical work of committees within the European central banks to which the Bundesbank actively contributes. Cross-border cooperation and coordination also play a central role for financial stability, which was established as a new mandate for central banks after the financial crisis. In Europe, financial stability falls under national responsibility but there is a close coordination between EU institutions and national authorities. The European level has the power to top up national policy decisions which are deemed insufficient to address financial stability risks. Likewise, banking supervision is a shared responsibility: Even for the systemically important banks which are supervised by the Single Supervisory Mechanism (SSM), national authorities play an important role in on-site supervision. And, not least, we work closely with our partners in Europe to ensure that statistical reporting of granular data is improved across Europe.