New JVI/NBS Course on Macroprudential Policy Implementation

A new JVI collaborative course with the National Bank of Slovakia (NBS) on Macroprudential Policy Implementation took place for the first time from January 31 to February 2. The training had a strong focus on practical implementation issues and peer-to-peer learning in the area of macroprudential policy, with a focus on common challenges faced by countries in the JVI region.

Over the past decade, many countries in the region have strengthened their macroprudential policy frameworks and implemented measures to address systemic risks. Tools that have increasingly been used in recent years often include borrower-based measures, such as debt service to income caps, or capital-based measures, such as the countercyclical capital buffer. Policymakers have thus gained important insights, which are also useful for other countries that face similar challenges. For instance, countries can learn a lot from international best practice when it comes to the design and calibration of countercyclical capital buffers.

The course benefited from the participation of practitioners in the field of macroprudential policy from different institutions and jurisdictions. In addition to colleagues with hands-on policy experience from the National Bank of Slovakia and the JVI, distinguished speakers from various national central banks – Austria, Croatia, Hungary and Georgia – as well as the European Central Bank shared their experience with the implementation of selected macroprudential instruments. The peer learning was enhanced by the interactive course format that combined a roundtable discussion, participants’ presentations, a workshop, and practitioner lectures. In addition, the face-to-face training delivery in Vienna provided networking opportunities for course participants with peers in the region.

Maximilian Fandl, Senior Economist, JVI