More specifically, the reflections should in my view consider an increased role for the ECB’s Governing Council in macroprudential policy, given its special role in and responsibility for both monetary and macroprudential policy in the euro area, as set out in the Treaties and in the SSM Regulation.
Conclusions Macroprudential policy has helped to mitigate the short-term impact of the pandemic on the euro area economy, alongside monetary, fiscal and other prudential policies. The COVID-19 crisis also illustrated the benefits of releasable bank capital buffers, supporting the case for rebalancing between releasable and structural capital buffer requirements to create macroprudential space in the near term.