9th Macroprudential Policy Group Workshop
Unintended consequences of macroprudential policy: distributional effects and changes in financial intermediation
15 October 2026, Athens
Hybrid event - by invitation only
After the global financial crisis, macroprudential policy has become an integral part of the European supervisory framework. Instruments such as capital-based and borrower-based measures are now routinely deployed with the ultimate objective of preserving financial stability.
While research confirms that these policies strengthen bank resilience and smoothen credit cycles, a growing body of evidence highlights complex side effects. Outside of the financial sector, macroprudential policy has the potential to affect distributional and socio-economic outcomes in the non-financial sector, in particular households. Within the financial sector, effects include migration of activities from banks to Non-Bank Financial Institutions (NBFIs), potentially resulting in structural shifts in financial intermediation. These consequences may carry implications for financial stability and could also affect other objectives of central banks and supervisory authorities beyond price stability, such as promoting sustainable growth and economic competitiveness.
This 9th Macroprudential Policy Group (MPPG) workshop seeks to bridge the gap between theory and practice by bringing together academics and policymakers to discuss the multifaceted impacts of macroprudential policies.
Programme
All times are local (CET +1)
- 08:30
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Coffee & registration
- 09:00
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Welcome remarks
Ioannis Tsikripis (Director General for Prudential Supervision, Bank of Greece)
- 09.15
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Session 1: Distributional and socio-economic effects
Moderator: Tomas Garbaravičius (MPPG co-chair, Lietuvos Bankas)
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Who Bears the Risk? Borrower-Based Macroprudential Limits in an Agent-Based Model
- Presenter: Rafael Kothe (European Central Bank)
- Co-author: Radu Popa (Banca Naţională a României)
- Discussant: Ana Pereira (Bank of England)
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Stability for whom? Inequality, Housing, and the Monetary-Macroprudential Policy Mix
- Presenter: Domenico Cavicchia (Università Politecnica delle Marche)
- Co-author: Alberto Russo (Università Politecnica delle Marche)
- Discussant: Margarita Rubio (University of Nottingham)
-
Costs and Benefits of Mortgage Measures: A Housing Model Perspective
- Presenter: Patrik Gorse (Central Bank of Ireland and University of Vienna)
- Co-author: Fang Yao (Central Bank of Ireland)
- Discussant: Ianna Yordanova (Danmarks Nationalbank)
- 11.15
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Coffee break
- 11.35
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Session 1, continued: Distributional and socio-economic effects
Moderator: Tomas Garbaravičius (MPPG co-chair, Lietuvos Bankas)
-
Countercyclical capital buffer and the dynamics of bank lending
- Presenter: Eeva Kerola (Suomen Pankki)
- Co-author: Anni Norring (International Monetary Fund)
- Discussant: Theodora Kosma (Bank of Greece)
- 12.15
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Session 2: Interaction with other objectives
Moderator: Heather Gibson (Advisor, Bank of Greece)
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Banking Fragility and the Capitalization Dilemma
- Presenter: Chiara Punzo (Bank of England)
- Co-authors: Max Cowan, Hanbaek Lee (University of Cambridge) Manuel Gloria (Bank of England), Gonzalo Marivil (Bocconi University)
- Discussant: Sofia Anyfantaki (European Central Bank and Bank of Greece)
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Macroprudential reciprocity in the euro area
- Presenter: Margarita Rubio (University of Nottingham)
- Co-authors: Pauline Gandré (University Paris Nanterre and EconomiX), Stefan Gebauer (European Central Bank)
- Discussant: Sandra Frimann-Clausen (Finansinspektionen)
- 13.35
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Lunch
- 14.40
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Session 2, continued: Interaction with other objectives
Moderator: Heather Gibson (Advisor, Bank of Greece)
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Barriers to European Banking Union
- Presenter: Peter McAdam (European Central Bank)
- Co-authors: Damien Capelle, Andriano Fernandes (International Monetary Fund), J.J. Kruger (Imperial College London)
- Discussant: Maria Woods (Central Bank of Ireland)
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Balancing acts: policymakers' choices between bank resilience and economic growth
- Presenter: Duarte Maia (Banco de Portugal)
- Co-authors: Rita Basto, Diana Lima (Banco de Portugal)
- Discussant: Pavol Jurca (Národná banka Slovenska)
- 16.00
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Coffee break
- 16.20
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Session 3: Non-bank intermediation and cross-sectoral linkages
Moderator: Carsten Detken (MPPG co-chair, European Central Bank)
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Banking on nonbanks
- Presenter: Bruno Albuquerque (International Monetary Fund and University of Coimbra)
- Co-authors: Eugenio Cerutti, Melih Firat (International Monetary Fund), Benedikt Kagerer (University of Cambridge)
- Discussant: Antoine Bouveret (European Securities and Markets Authority - ESMA)
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The Shrinking Perimeter: Does the Countercyclical Capital Buffer Push Credit to Non-Banks?
- Presenter: Paweł Fiedor (European Systemic Risk Board and the Central Bank of Ireland)
- Discussant: Fátima Silva (Banco de Portugal)
- 17.40
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Takeaways of the workshop
- 18.00
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End of the workshop
Please note that this programme may be subject to change without notice.
Audiovisual notice: Please be informed that the workshop will be recorded for the purpose of preparing the corresponding proceedings. The recordings are deleted thereafter.
General information
Bank of Greece
21, Eleftheriou Venizelou Αv.
Athens, Greece
English
- Carsten Detken, MPPG co-chair, European Central Bank
- Tomas Garbaravičius, MPPG co-chair, Lietuvos Bankas
- Julja Prodani, MPPG Secretary, European Central Bank
- Katerina Lagaria, Bank of Greece
- Theodora Kosma, Bank of Greece
- Anne McTaggart, MPPG Secretariat, European Central Bank
- Melpomeni Rafailaki, MPPG Secretariat, European Central Bank
Organising Committee
WorkshopMacropru@ecb.int
ECB-MPPG Secretariat
Anne McTaggart
+49 69 1344 6372
MPPGSecretariat@ecb.int