Claudia Buch: A decade of macroprudential policy

Panel remarks by Prof Claudia Buch, Vice-President of the Deutsche Bundesbank, prepared for the Fifth ESRB (European Systemic Risk Board) annual conference, virtual, 8 December 2021.

Central bank speech  | 
08 December 2021

Ladies and gentlemen,

It is my great pleasure to speak on the occasion of the fifth annual conference of the ESRB, which also marks the tenth anniversary of the ESRB. The ESRB forms part of the success story of what has been achieved following the Global Financial Crisis. It is a good example of successful institution-building in Europe.

The ESRB has been instrumental to establishing financial stability as a new explicit policy objective across Europe. It has ensured effective policy coordination across countries – more silently in tranquil times and more proactively at the outbreak of the pandemic. Its warnings and recommendations help to steer national policies in the right direction. But above all, it is a vibrant forum for discussing risks, vulnerabilities, and policy options. And, not least, the ESRB secretariat has a highly motivated team, dedicated to contributing to the European public good.