Along with the reform of traditional (banking) supervision, macroprudential policy was established as a new policy field. Macroprudential surveillance focuses on the stability of the entire financial system rather than on individual banks. Thus, it aims at reducing the probability that an adverse shock could endanger the stability of the financial system with potentially harmful effects on the real economy.
Safeguarding financial stability is a national Seite 3 von 10 Deutsche Bundesbank, Directorate General Communications Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Germany, Tel: +49 (0)69 9566 3511 or 3512, Fax: +49 (0)69 9566 3077 presse@bundesbank.de, www.bundesbank.de Reproduction permitted only if source is stated. responsibility. Given the close integration of European financial markets, however, macroprudential policy is coordinated closely at the European level.