The ECB’s most recent contribution was the establishment in 2010 of the Macro-Prudential Research Network (MaRS for short) to develop frameworks and tools to improve macro-prudential supervision in the European Union. Specifically, progress has been made on models linking financial stability and economic performance; early warning systems and systemic risk indicators; and on assessing contagion risks.
1 We substantially reduced the spread of the primary credit rate over the target federal funds rate and increased the maximum maturity of primary credit loans to 90 days; we have also been conducting regular auctions of discount window credit for terms of up to 84 days.