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Atanas Pekanov, Frank Dierick
Implementation of the countercyclical capital buffer regime in the European Union
The countercyclical capital buffer (CCyB) is the main instrument in the macroprudential toolkit in the EU to mitigate procyclicality in the financial system. The Basel Committee on Banking Supervision (BCBS), the European capital rules for banks (CRDIV/CRR) and the ESRB have laid down the general framework for the use of this instrument. Within this broad framework, EU member countries have the flexibility to accommodate national specificities, and many have made use of this option. The credit-to-GDP gap is the main reference indicator for activating the CCyB, but other indicators for signalling excessive credit growth in the financial system may complement it. This Commentary provides some first information on the different practices of EU countries both in calculating this reference indicator and in using additional indicators.
Keywords:macroprudential policy, countercy clical capital buffer , credit -to-GDP gap, cyclical systemic risk
Forschungsbereich:Makroökonomie und öffentliche Finanzen