##9370e1f173a8 / ml / 2019 – 05 – 27 - afs - anlage - faq - data. pdf. financial stability board ( 2011 ), “ policy measures to address systemically important financial institutions ”, november 2011, available at : www. fsb. org / wp - content / uploads / policymeasures - to - address - systemically - important - financial - institutions. pdf. financial stability board ( 2017 ), “ framework for post - implementation evaluation of the effects of the g20 financial regulatory reforms ”, july 2017, available at : www. fsb. org / 2017 / 07 / framework - for - post - implementation - evaluation - of - the - effects - of - theg20 - financial - regulatory - reforms /. 1 see german financial stability committee ( 2019 ) and german financial stability committee ( 2019a ). 2 consultative and final reports are available at : www. fsb. org / work - of - the - fsb / implementation - monitoring / effects - of - reforms / 3 see financial stability board ( 2011 ). for details see the terms of reference ( www. fsb. org / 2019 / 05 / evaluation - of - too - big - to - fail - reforms - summary - terms - of - reference / ). the final report is scheduled for the g20 presidency in 2020. 4 www. fsb. org / 2019 / 05 / fsb - launches - evaluation - of - too - big - to - fail - reforms - and - invites - feedback - from - stakeholders / 5 for details, see, voxeu. org / article / prudential - policies - crossing - borders 4 / 4 bis central bankers'speeches

##prudential supervision. in europe, macroprudential policy is a national task – involving close coordination at the european level. understanding the coordination of macroprudential policy – at both the national and supranational level – is important : in a monetary union with a high degree of financial integration, risks can easily spill over across borders. let me give you an example : the german financial stability committee recently recommended activating the countercyclical capital buffer and raising it to 25 basis points. 1 this recommendation is based on the analytical work of the bundesbank, as president weidmann explained this morning. we warn against over - optimism after a long period of good growth performance : credit risk might be underestimated, and market participants might overestimate the value of collateral. interest rate risks are, obviously, closely correlated with these risks. responsibility for macroprudential policy in germany is shared by the members of the financial 1 / 4 bis central bankers'speeches stability committee ( fsc ) : the bundesbank, the federal financial supervisory authority ( bafin ) as the macroprudential authority, and the ministry of finance as the chair of the committee. the committee can issue warnings and recommendations when there are financial stability concerns. the institutional set - up for the implementation of macroprudential policy often includes more than one institution. this brings more expertise and different views to the table, which ensures sound decision making. but the decision - making process may also be lengthened. this important issue has been highlighted in today ’ s presentation by nellie liang. in her paper with rochelle edge, she finds that “ countries with fscs with stronger governance mechanisms are more likely to use the ccyb ”. as more evidence on policy decisions accumulates, and as more instruments will be used, we will certainly learn more about the design of macroprudential policy and governance structures. an insightful example of the coordination and the political economy of macroprudential policy decisions at the national level is a recommendation that was issued by the german fsc in 2015. the committee recommended that legislative action be taken with regard to macroprudential instruments for the housing market and, importantly, that a legal basis be created for the collection of sufficiently granular data on housing loans. two years later, the german parliament passed legislation including two of the recommended policy instruments – loan - to - value - caps and amortisation requirements – while limits to debt - service and