EEA EFTA Comment on review of EU Macro-prudential Policy Framework

Published 18-11-2016
The EEA EFTA States have issued an EEA EFTA Comment addressing the European Commission’s public consultation on the review of the EU Macro-prudential Policy Framework. The consultation also raises the issue of revisions to the Regulation setting up the European Systemic Risk Board (ESRB).

While macro-prudential policy was practically non-existent in the EU Member States before the financial crisis of 2008, it has gradually become more established over recent years. At EU level, this development has been supported by the creation of a new body – the ESRB – which is tasked with EU-wide macro-prudential oversight and the facilitation of cross-border policy coordination. Regulation (EU) No 1092/2010 setting up the ESRB entered into force on 1 October 2016 throughout the European Economic Area.

In the comment, the EEA EFTA States remind the Commission of the Joint Declaration made by the EU and the EEA EFTA States to the EEA Joint Committee Decision incorporating the ESRB Regulation into the EEA Agreement. The Joint Declaration states that in the context of possible future revisions of the Regulation, the EU will assess whether the EEA EFTA States could be granted a right of participation corresponding to their participation in the three European Supervisory Authorities (ESAs).

The EEA EFTA States welcome the review of Regulation (EU) No 1092/2010 and the possibility to be granted participation in the ESRB corresponding to their participation in the three ESAs by amendments to Article 9(5) of the Regulation. Read the full comment here.

Read the EEA EFTA Comment in full here.

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