1  2  See the de Larosière report, 2009. BIS central bankers’ speeches  The present state of the economy in the Eurozone offers a textbook case of the potential tension between micro- and macroprudential policies. There is broad agreement (eg within the ESRB) that macro risks – low nominal growth in particular – are among the more serious threats to financial stability.
In the Eurozone credit growth is negative, and the credit/GDP gap (the main indicator set by the Basel rules to steer the countercyclical capital buffer) is amply negative in most countries. Fully aware that relaunching nominal economic growth in the Eurozone is the paramount objective, the ECB has embarked on a program of quantitative easing.