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Additional info for OECD Economic Surveys: Euro Area 2010
Example text
While there are difficulties in real time in identifying unsustainable credit and asset price movements, a reasonable assessment is not impossible. Macroprudential policy should address the structural reasons for booms, make the financial system less cyclical and allow for discretionary regulatory measures if bubbles and unsustainable credit booms nevertheless emerge. The creation of the European Systemic Risk Board (ESRB), as well as other measures to strengthen financial regulations, should contribute to addressing this problem (Chapter 4).
OECD ECONOMIC SURVEYS: EURO AREA 2010 © OECD 2010 39 1. 15. Broad money1 and nominal GDP Year-on-year percentage change Per cent Per cent 14 14 12 12 10 10 8 8 6 6 4 4 Broad money Nominal GDP 2 2 0 0 -2 -2 -4 1982 84 86 88 90 92 94 96 98 2000 02 04 06 08 10 -4 1. Broad money defined as M3 aggregate. Source: ECB and OECD, OECD Economic Outlook Database. 4 This calls for effective macroprudential policies. While there are difficulties in real time in identifying unsustainable credit and asset price movements, a reasonable assessment is not impossible.
EXITING FROM THE CRISIS two additional instruments, the European Financial Stability Mechanism (EFSM), for both euro area and non-euro area countries, and the European Financial Stability Facility (EFSF) to provide financial support under strict conditionality for euro area countries (Chapter 3). At the same time, the ECB set up the Securities Markets Programme with the ability to make outright purchases of government and private debt to restore an appropriate monetary policy transmission mechanism through the stabilisation of certain securities markets.