An advantage of macroprudential instruments in this respect, and which is particularly relevant in a monetary union, lies in the possibility to target the use of instruments towards certain sectors and to address asynchronous business and financial cycles across Member States. Similarly, during phases of risk materialisation, releasing macroprudential policy buffers can support monetary policy via the impact on banks’ credit supply.
The value of remittances received until October 2020 was 796.5 million Euros, which represents an annual increase of 12.9 percent. Developments in the global economy as a result of the pandemic have also affected foreign trade.