Macroprudential measures
Macroprudential measures aim to increase the financial system’s resilience to shocks by addressing identified systemic risks. Macroprudential authorities monitor the financial system, identifying risks and vulnerabilities, and implement measures to ensure financial stability.
Under the Single Supervisory Mechanism (SSM) Regulation (Council Regulation (EU) No 1024/2013), the ECB is responsible for assessing macroprudential measures adopted by national authorities in the countries participating in European banking supervision.
If necessary to address risks to financial stability, the ECB has the power to apply more stringent measures than those adopted nationally. These powers are based on Article 5 of the SSM Regulation and Article 13h of the Rules of Procedure of the ECB.
Measures taken by macroprudential authorities in countries participating in European banking supervision since 1 April 2025
Last updated: 30 June 2025
Systemic risk buffer (Article 130 of the Capital Requirements Directive)
- In April 2025, Germany announced a decrease of the sectoral SyRB applicable to exposures secured by residential property located in Germany from 2% to 1%, effective as of 1 May 2025.
- In June 2025, Austria announced the introduction of a sectoral SyRB of 1% applicable to a subset of commercial real estate exposures, effective as of 1 July 2025.
- In June 2025, Finland announced the extension of the SyRB until 1 July 2028.
- In June 2025, France announced the deactivation of the sectoral SyRB applicable to exposures granted to highly indebted non-financial corporations, effective as of 19 June 2025.
Overview of macroprudential measures implemented in countries participating in European banking supervision that the ECB has been notified of
Below is a list of all the macroprudential measures that the ECB has been notified of that have been implemented or publicly announced in countries participating in European banking supervision.
Last updated: 30 June 2025
Overview of measures that the ECB has been notified of under Article 5 of the SSM Regulation