Data collected by RBI reveals that, at least in the last few months, banks have healthy bidirectional views on Rupee (in contrast to general unidirectional bias), which have helped promote healthy markets. Polling for financial benchmarks RBI has already chalked out a programme to move over to trade-based financial benchmarks from a polling-based system in a gradual and non-disruptive manner.
Conclusions Macroprudential policy has helped to mitigate the short-term impact of the pandemic on the euro area economy, alongside monetary, fiscal and other prudential policies. The COVID-19 crisis also illustrated the benefits of releasable bank capital buffers, supporting the case for rebalancing between releasable and structural capital buffer requirements to create macroprudential space in the near term.