Macroprudential Policy in Europe: The German Countercyclical Capital Buffer (CCyB) Panel Statement at the Seminar “Financial Stability and Central Banks” Bank of Mexico 01.11.2019 | Mexico City | Claudia Buch  1 In Europe, macroprudential policy is a national task that calls for close collaboration at the European level.  2 Cyclical risks have built up in the German financial system.
 3 The CCyB is the appropriate instrument to address cyclical systemic risks.  4 Summing up  5 References  6 Figures  The global economy is at a crossroads: trade tensions and geopolitical conflicts are leaving their mark in global trade and investment, growth forecasts are being revised downward, and uncertainties abound.