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Macroprudential Policy in Poland: Competent Authorities and Instruments

12 December 2017

Press Release

 

An open research seminar was held at the National Bank of Ukraine during which Head of Macroprudential Policy Division, Financial Stability Department, National Bank of Poland, and lecturer of Warsaw School of Economics Piotr Bańbuła presented the results of his own research Macroprudential Policy: Tenants and Tools.

 

In his speech, he stressed that risk is an integral part of economic activity, because there is no development without risk. Sometimes this risk is associated with a specific institution, but sometimes it is associated with structural changes in the economy and is systemic, and therefore can trigger a crisis.

 

According to Mr Bańbuła, macroprudential policy can be used to mitigate the effects of such risks, but the use of its tools needs to be balanced, since a more tight macroprudential policy can hold back economic growth, while too soft may trigger a crisis.

 

The speaker noted that the list of such tools should be as short as possible for greater transparency of the regulator's actions and ease of communication, as well as to reduce the probability of an unexpected outcome of the interaction between several tools in case of their simultaneous application. Describing the experience of macroprudential policy tools application in his home country, Mr Bańbuła noted that in Poland they apply the tools provided by the EU (CRR / CRR IV), as well as some of the most popular macroprudential policy instruments in the world, in particular LTV and DSTI. He also shared the Polish experience of calibrating such tools.

 

Among other things, Piotr Bańbuła also emphasized the importance of the interaction of macroprudential and monetary policies, noting that information on the impact of macroprudential policies on the economy and the monetary transmission mechanism should be taken into account when making monetary policy decisions to improve its efficiency.

 

Please follow the link to view the research paper in English:.

https://goo.gl/CRb5eo

https://goo.gl/BncQrp

 

Presentation of the research: https://goo.gl/5cXnFV.

 

Video of the seminar: https://youtu.be/VOlttrx2vyA

 

The materials of previous open research seminars are available at.

 

We invite potential speakers to attend the following seminars. The materials with the results of scientific research (article and / or presentation), the author's resume and the desired date for the seminar should be sent to the Research Division of the Monetary Policy and Economic Analysis Department at e-mail: research@bank.gov.ua.


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Last modification   12.12.2017