By Executive Committee Act 53/14.12.2015, the Bank of Greece defined a policy strategy for the exercise of its macroprudential tasks, in implementation of Recommendation ESRB/2013/1 of the European Systemic Risk Board.
In particular, by the aforementioned Executive Committee Act the intermediate objectives are linked to the macroprudential instruments available to the Bank of Greece. Moreover, the Act defines the framework for the conduct of macroprudential policy, consisting of the following four stages:
- the risk monitoring stage, where relevant indicators help to detect vulnerabilities in the financial system and to identify the associated systemic risks;
- the instrument selection and calibration stage, with a view to preventing and mitigating the relevant systemic risks;
- the implementation stage, where decisions are made on the use (activation, calibration, deactivation) of the appropriate macroprudential instruments for the achievement of the ultimate and the intermediate objectives of macroprudential policy; and
- the evaluation stage, where the impact of macroprudential instruments is assessed and relevant conclusions are drawn.