german financial stability committee ( 2019b ). faqs on the first increase of the countercyclical capital buffer. berlin. available at : https : / / www. bundesbank. de / resource / blob / 798050 / e16ab3892c8c8d10fcde9370e1f173a8 / ml / 201905 - 27 - afs - anlage - faq - data. pdf german financial stability committee ( 2019c ). sechster bericht an den deutschen bundestag zur finanzstabilitat in deutschland. berlin. edge, rochelle m. and j. nellie liang ( 2019 ). new financial stability governance structures and central banks, finance and economics discussion series 2019 - 019, board of governors of the federal reserve system ( us ). washington dc. international monetary fund ( 2018 ). the imf ’ s annual macroprudential policy survey — objectives, design, and country responses. washington dc. available at : https : / / www. elibraryareaer. imf. org / macroprudential / documents / ataglance. pdf tente, natalia, ingrid stein, leonid silbermann, and thomas deckers ( 2015 ). the countercyclical capital buffer in germany : analytical framework for the assessment of an appropriate domestic buffer rate. deutsche bundesbank. frankfurt a. m. 6 figures figure 1 source : supervisory data for banks in germany ( deutsche bundesbank ) figure 2 sources : monthly balance sheet statistics for banks in germany ( deutsche bundesbank ) and federal statistical office of germany figure 3 source : monthly balance sheet statistics for banks in germany ( deutsche bundesbank ) figure 4 source : bulwiengesa ag data for germany figure 5 source : mfi interest rate statistics ( deutsche bundesbank ) figure 6 source : supervisory data for banks in germany ( deutsche bundesbank ) figure 7 figure 8 sources : esrb and national authorities footnotes : 1. german financial stability committee ( 2019a, 2019b ). 2. buch and weigert ( 2018 ). 3. german financial stability committee ( 2019c ). 4. edge and liang ( 2019 ). 5. this top - up power is confined to capital - and liquidity based measures that have their legal basis in the capital requirements directive ( crd ) and the capital requirements regulation ( crr

the unstable equilibria on the other hand, which should not be accepted. second, the notion of resilience to shocks, taking into account the fact that whatever the level of sustainability of a particular financial situation, we can never eliminate the occurrence of unpredictable shocks. these shocks can come not only from the economic and financial sphere – the present stress test is a very powerful example – but also from the geopolitical sphere, or they can be triggered by natural catastrophes. resilience is therefore essential ; it is a necessary complement to sustainability. the third notion is holism : the present global financial system depends on the appropriate handling of a very large number of factors : prudential practices, accounting rules, audit quality, liquidity management, risk management and credit assessment, to mention but a few. this holistic approach must also comprehend a fundamental factor, namely the long - term sustainability and resilience of public macro policies – whether in particular fiscal or structural – and the associated progressive but resolute elimination of those large domestic and external imbalances that are one of the major causes of global economic and financial instability. such a paradigm change, including the three notions of medium and long - term sustainability, resilience and a holistic approach of the global financial system, is now absolutely essential to correct the fragility of the market economy which we are presently experiencing. thank you for your attention.