The ECB may top-up specific national macro-prudential measures if it considers these insufficient to mitigate systemic risks. The ECB and the national authorities have at their disposal macro-prudential instruments for the banking sector, as provided in the Capital Requirements Directive and Regulation (CRD IV/CRR). These include capital buffers, such as the countercyclical capital buffer, systemic risk buffer and capital surcharges for systemic institutions.
The crisis has been a stressful time for all financial sector players and their regulators. FMIs performed quite well during the financial crisis. The severity of the crisis has brought to light important lessons regarding effective risk management. This has led international standardsetters to review and upgrade existing standards.