[9] Analytical work done at the Bundesbank found that the macroprudential policy package served its purpose of increasing the resilience of the banking system. There is no evidence of any negative side effects.
This ex post evaluation needs to take into account that the macroeconomic environment has changed since the decision to activate the measures: interest rates increased significantly in 2022, and the macroeconomic outlook has worsened. Yet, there are no signs right now that would indicate a contraction in lending driven by the macroprudential instruments.