While the challenges we face are ever-changing, the foundations we have laid and the commitment shown over the past few years can give us some confidence going forward. 1  By the end of 2016, legislation formally establishing national macroprudential authorities had been passed in 26 Member States and there has been a very high level of effective operationalisation of the framework.
National authorities in the EU and Norway had notified the ESRB of 83 significant measures in the three years up to end2016. See ‘A Review of Macroprudential Policy in the EU in 2016’, ESRB, April 2017. 2 Cerutti, Eugenio, Claessens, Stijn and Laeven, Luc, (2015), The use and effectiveness of macroprudential  policies: new evidence. Journal of Financial Stability. 2016, November: 11.