Luis de Guindos: Welcome remarks - ECB macroprudential policy and research conference

Welcome remarks by Mr Luis de Guindos, Vice-President of the European Central Bank, at the fourth annual ECB macroprudential policy and research conference, Frankfurt am Main, 16 December 2019.

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

I am delighted to welcome you all to the fourth annual ECB macroprudential policy and research conference. This conference is held annually to ensure that we meet regularly and advance our understanding of macroprudential policy. This year's focus is on monetary policy and financial stability as it represents the conclusion of the ECB's Research Task Force dedicated to this topic.

In my remarks today I will cover three aspects of macroprudential policy and research. First, I will reflect on the economic and financial conditions that may represent challenges for macroprudential policy. Second, I will focus on selected achievements at the ECB in advancing the research frontier. Finally, I will address the need of rebalancing capital requirements towards releasable buffers to allow macroprudential authorities to act more effectively in a countercyclical manner especially in adverse economic conditions.