AK position paper on the draft report "Regulation of the EC on Community macro prudential oversight of the financial system and on establishing a European Systemic Risk Board"

AK welcomes the efforts of the European Commission to institutionalize macroeconomic cooperation and supervision at European level, through which a looming systemic crisis should be recognized at an early stage.

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The European Systemic Risk Board (ESRB) had been planned to monitor and assess the interactions between macroeconomic developments and the broader financial system. From the point of view of the European Commission this was not or not sufficiently carried out by the national supervisory authorities. Hence, the causes of the crisis were not recognized and countermeasures were not taken early enough as a result.« Back