Voluntary reciprocity of macroprudential measures

Macroprudential policy measures adopted in one member state can have external effects on the financial stability in other member states through cross-border linkages.  The ESRB published its Recommendation of 15 December 2015 on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy measures (ESRB/2015/2), which targets the systematic assessment of the cross-border effects of macroprudential policy and complements the mandatory recognition of national macroprudential policy measures required under European Union law with voluntary reciprocity.

ESRB Recommendation ESRB/2015/2, provides guidance to the relevant authorities with regard to the adoption via reciprocity, of macroprudential policy measures adopted by other relevant authorities. The relevant authorities in all other member states are recommended to reciprocate the macroprudential policy measures adopted in one member state and which are set out in this Recommendation.  The ESRB Recommendation ESRB/2015/2 was amended by the ESRB on 27 December 2017 with Recommendation ESRB/2017/4.

The CBC has formulated its macroprudential policy which sets out the procedures to be followed by the CBC when the ESRB recommends the reciprocity by a member state of a macroprudential measure adopted by another member state.

The macroprudential policy measures that have been adopted via reciprocity by the CBC,  are set out under Macroprudential policy decisions.