Right now, macroprudential buffers in the Eurozone are not in line with the elevated levels of systemic risks. Uncertainty about the future should stimulate action rather than wait-and-see behavior. Partly, for this reason, the Dutch Central Bank recently announced the activation of the releasable Countercyclical Buffer.
Additionally, more dedicated macroprudential policy tools that address risks stemming from non-banking financial intermediation (NBFI) would be a welcome addition to our toolkit. For insurers, it is key that macroprudential concerns are well-incorporated in the regulatory framework so that authorities have the necessary tools to mitigate systemic risks, for example by reinforcing the financial position of insurers in exceptional circumstances.