1 See Darracq, M., C. Kok and M. Rottner (2020), “Enhancing macroprudential space when interest rates are low  for long”, Macroprudential Bulletin, ECB. The authors find that a countercyclical capital buffer 125 basis points higher could have reduced the decline in real GDP by around 1 percentage point in 2020. 2 See e.g.
Darracq, M., C. Kok, E. Rancoita (2019), “Macroprudential policy in a monetary union with cross-border  banking”, Working Paper Series, No 2260, ECB. 3/3  BIS central bankers' speeches