The past 20 years in Europe have seen large swings in real and financial markets, and sudden stops of capital flows have exposed the fault lines of the European financial architecture. While the pre-crisis financial architecture centered around mechanisms to contain borrowing by the public-sector, this paper argues that incentives for the private sector to engage in excessive borrowing had not been taken into account adequately. Macroprudential policy is a core element of the post-crisis reform agenda, and it plays a particularly important role in the European monetary union.

中文翻译：

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货币联盟中的宏观审慎政策

在过去的20年中，欧洲的房地产和金融市场出现了大幅波动，而突然的资本流动停止也暴露了欧洲金融体系的断层线。尽管危机前的金融体系结构围绕控制公共部门借贷的机制而展开，但本文认为，没有充分考虑到私营部门过度借贷的动机。宏观审慎政策是危机后改革议程的核心要素，在欧洲货币联盟中发挥着特别重要的作用。