IMF-欧元区：发布金融部门评估计划文件——宏观审慎政策技术说明（英）

© 2025 International Monetary Fund IMF Country Report No. 25/206 EURO AREA PUBLICATION OF FINANCIAL SECTOR ASSESSMENT PROGRAM DOCUMENTATION—TECHNICAL NOTE ON MACROPRUDENTIAL POLICY This paper on Macroprudential Policy was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed on July 2, 2025. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://www.imf.orgInternational Monetary Fund Washington, D.C. July 2025 EURO AREA FINANCIAL SECTOR ASSESSMENT PROGRAM TECHNICAL NOTEMACROPRUDENTIAL POLICY Prepared By Monetary and Capital Markets Department This Technical Note was prepared by IMF staff in the context of the Financial Sector Assessment Program in the euro area. It contains technical analysis and detailed information underpinning the FSAP’s findings and recommendations. Further information on the FSAP can be found at http://www.imf.org/external/np/fsap/fssa.aspx July 2, 2025 EURO AREA 2 INTERNATIONAL MONETARY FUNDCONTENTS Glossary __________________________________________________________________________________________ 2 EXECUTIVE SUMMARY __________________________________________________________________________ 6 INTRODUCTION _________________________________________________________________________________ 9 INSTITUTIONAL FRAMEWORK ________________________________________________________________ 10 A. Willingness to Act _____________________________________________________________________________ 11B. Ability to Act __________________________________________________________________________________ 13C. Effective Coordination and Cooperation ______________________________________________________ 15D. Communication _______________________________________________________________________________ 18E. ESRB Recommendations About the Institutional Framework for Macroprudential Policy ______ 19F. Assessment and Recommendations ___________________________________________________________ 19SYSTEMIC RISK MONITORING _________________________________________________________________ 21 A. Risk Monitoring Framework ___________________________________________________________________ 21B. Monitoring of Vulnerabilities __________________________________________________________________ 21C. Assessment of Macroprudential Policies and their Interactions _______________________________ 24D. Data Available for Monitoring Vulnerabilities and Calibrating Measures ______________________ 24E. Recommendations and Assessment ___________________________________________________________ 25MACROPRUDENTIAL TOOLS __________________________________________________________________ 25 A. Tools to Address Broad-Based Vulnerabilities _________________________________________________ 27B. Tools to Address Sectoral Vulnerabilities __