Macroprudential supervision has already been under discussion for some 20 years, but it is only now that the tools and institutions for macroprudential supervision are being set up for the first time. The EU Council has reached an agreement on the establishment of the European Systemic Risk Board, and the European Parliament is expected to consider the matter before next summer.
There has been lively debate in various fora on the best instruments for controlling systemic risks. This discussion includes the possible role of monetary policy. There is talk about “leaning against the wind”. This idea meets with two types of opinions within the central banking community.