Systemic Risk and Macroprudential Policy: a New Responsability for Central Bankers

Michel Aglietta Professeur émérite d'économie, Université Paris Nanterre ; conseiller scientifique, CEPII et France Stratégie. Contact : michel.aglietta@cepii.fr.


Both the EU and the USA have set up Systemic Risk Councils in order to prevent and avoid major troubles and the potential collapse of the financial system. Macroprudential policies are to be implemented by the central banks which are the very institutions able to cope with the task of stabilizing the financial system. What is needed is to implement a widened monetary policy in order to smoothen the financial cycle and to provide the conditions of the liquidity of the market. New accounting rules based on the marked-to-funding principles will help to secure this liquidity.


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