EN ECB -PUBLIC  
 
OPINION OF THE EUROPEAN CENTRAL BANK  
of 25 February 2015  
on macro -prudential policy strategy  
(CON/2015/7)  
 
Introduction and legal basis  
On 31 December 2014, the European Central Bank (ECB) received a request from Lietuvos bankas for 
an opinion on a draft m acro-prudential policy strategy which will be adopted by resolution of the Board of 
Lietuvos bankas (hereinafter the ‘draft resolution’).  
The ECB’s competence to deliver an opinion is based on Articles 127(4) and 282(5) of the Treaty on the 
Functioning of the European Union,  and the third  and sixth indents of Article 2(1) of Council Decision 
98/415/EC1, as the draft resolution relates to a national central bank and rules applicable to financial 
institutions insofar as they materially influence the stability  of financial institutions and markets.  In 
accordance with the first sentence of Article 17.5 of the Rules of Procedure of the European Central 
Bank, the Governing Council has adopted this opinion.  
 
1. Purpose of the draft resolution  
The aim of the draft resolution is to ensure the effective and transparent implementation of macro-
prudential policy. To this end,  and in accordance with Recommendation ESRB/2013/1 of the European 
Systemic Risk Board2 (hereinafter the ‘ESRB Recommendation’), the draft resolution sets out an overall 
framework defining the ultimate and intermed iate macro- prudential policy objectives and lists a wide 
range of macro- prudential instruments  that may be adopted. Furthermore, it outlines the general process 
and principles of decision- makin g, communications and cooperation with other authorities  in the context 
of macro- prudential policy . 
 
2. Observations  
2.1. Follow -up assessment of ESRB recommendations is a task of the ESRB in accordance with Article 
17 of Regulation (EU) No 1092/20103. In principl e, it is not for the ECB to assess the national 
measures taken in response to an ESRB recommendation.   
                                                 
1  Council Decision 98/415/EC of 29 June 1998 on the consultation of the European Central Bank by national 
authorities regarding draft legislat ive provisions ( OJ L 189, 3.7.1998, p. 42) . 
2  Recommendation ESRB/2013/1 of the European Systemic Risk Board of 4 April 2013 on intermediate objectives and 
instruments of macro- prudential policy ( OJ C 170, 15.6.2013, p. 1) . 
3  Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European 
Union macro- prudential oversight of the financial system and establishing a Eur opean Systemic Risk Board 
(OJ L 331, 15.12.2010, p. 1).  
ECB -PUBLIC  
2 2.2. Without prejudice to the above and to any actual follow up assessm ent to be carried out by the 
ESRB, the ECB welcomes  the draft resolution.  In particular , the ECB  welcomes the provisions 
which envisage cooperation and/or coordination between Lietuvos bankas and the ECB when 
adopting decisions on macro -prudential policy , which is in accordance with Article  5 of Regulation 
(EU) No  1024/2013 of the European Parliament and of the Council4 5. The ECB suggests that the 
general provisions of the draft resolution refer to the fact  that the draft resolution implements the 
ESRB Recommendation. This will help the public to identify the source for the draft resolution in 
addition to the legal basis provided by the Law on  Lietuvos bankas . 
2.3. The ECB welcomes  the fact  that the draft resolution provides a wide and non- exhaustive list of 
macro -prudential policy instruments  which can be adopted, since additional  macro- prudenti al policy 
instruments might be necessary in the future to prevent or mitigate new risks to financial stability. 
Therefore, the ECB also welcomes  the fact  that the draft resolution provides that it will be  the 
responsibility of Lietuvos bankas to periodical ly assess the macro- prudential policy strategy at least 
once every three years, which leaves  open the possibility of includ ing other macro- prudential 
instruments, as provided for in recommendation D of the ESRB Recommendation.  
 
This opinion will be publish ed on the ECB’s website.  
 
 
Done at Frankfurt am Main,  25 February 2015.  
 
[signed]   
The President of the ECB  
Mario DRAGHI  
                                                 
4  Council Regulation (EU) No 1024/2013 of  15 October 2013 conferring specific tasks on the European Central Bank 
concerning policies relating to the prudential supervision of credit institutions ( OJ L 287, 29.10.2013, p. 63) . See also 
Recital (24)  of that Regulation.  
5  With regard to cooperation with other institutions, see Articles 21 and 23 of the draft resolution. See also Article 474 
of the Law on Lietuvos bankas with respect to the Ministry of Finance. Žin., 1994, Nr. 99- 1957; 2001, Nr. 28- 890. 
See also point 2 of recommendation B of Recommendation ESRB/2011/3 on the macro- prudential mandate of 
national authorities (OJ C 41, 14.2.201 2, p. 1).