Institutional Set-Up and Mandates of Macroprudential Authorities: International Experience and Benchmarks for Ukraine
a National Bank of Ukraine, Kyiv, Ukraine

Defining macroprudential authority is one of the key steps in ensuring financial stability. Within the framework of general principles defined by international institutions lie various versions of macroprudential architectures realized by individual countries. Such solutions were shaped by the level of the financial system’s sophistication, the government’s role, and the central bank’s mandate. Yet the dominating trend is to entrust the macroprudential mandate to a central bank, especially if it already has a wide mandate for supervision and regulation of the financial sector. This is especially typical for emerging markets. In most of the reviewed countries, central banks apply macroprudential instruments. The analysis of specificities of the Ukrainian bank-dominated financial system as well as of international practices points to the most rational solution: to affirm legally the National Bank’s macroprudential mandate in the nearest future. Cooperation within the Financial Stability Council should also be further enhanced.

Publication History
Avaliable online 29 June 2016
Full Text
Cite as: Danylenko, A., Sanzharovska, V. (2016). Institutional Set-Up and Mandates of Macroprudential Authorities: International Experience and Benchmarks for Ukraine. Visnyk of the National Bank of Ukraine, 236, 19-29.
Citation Format


Act of the Republic of Croatia (2013). Act on the Financial Stability Council. OG 159/2013.

Act of the Republic of Poland (2015). Ustawa o Nadzorze Makroostrożnościowym nad Systemem Finansowym i Zarządzaniu Kryzysowym w Systemie Finansowym. Uchwalono na pos. nr 98 dnia 05-08-2015, Dz.U. poz. 1513.

Act of the Republic of Slovenia. Zakon o Makrobonitetnem Nadzoru Finančnega Sistema. Uradni list RS, št. 100/13.

Act on Monitoring Financial Stability (Financial Stability Act) – Gesetz zur überwachung der Finanzstabilität (Finanzstabilitätsgesetz) in the wording of the announcement of 28 November 2012 (Federal Law Gazette I, page 2369) as last amended by Article 2 paragraph 36 of the Act of 1 April 2015 (Federal Law Gazette I, p. 434).

Act on the Financial Stability Council (2014). Iceland, No. 66, 28 May 2014.

Argentina: Detailed assessment of compliance of Basel core principles for effective banking supervision. Country Report. 

Arvai, Z., Prasad, A., Katayama, K. (2014). Macroprudential Policy in the GCC Countries. IMF Discussion Note, SDN/14-01. 

Bank of Slovenia (2015). Macroprudential Policy for the Banking Sector: Strategic Framework.

BIS (2011). Central Bank Governance and Financial Stability. Bank for International Settlements. Retrieved from
Borio, C., Drehmann, M. (2009). Towards an operational framework for financial stability: fuzzy measurement and its consequences. Working Paper, 284. Bank for International Settlements. 

Borio, C., Shim, I. (2007). What can (macro-) prudential policy do to support monetary policy? Working Papers, 242. Bank for International Settlements. 

Bruno, V., Shim, I., Song Shin, H. (2015). Comparative assessment of macroprudential policies. Working Papers, 502. Bank for International Settlements. Retrieved from 

Claessens, S. (2014). An overview of macroprudential policy tools. Working Paper, 14-214. International Monetary Fund.

Committee on the Global Financial System (2010). Macroprudential instruments and frameworks: a stocktaking of issues and experiences. CGFS Papers, 38. Committee on the Global Financial System. Retrieved from

Egawa, E., Otani, A., Sakiyama, T. (2015). What determines institutional arrangements for macroprudential policy? Discussion Paper Series, 2015-E-3. Institute for Monetary and Economic Studoes. Retrieved from

ESRB (2011). Recommendation on the Macro-Prudential Mandate of National Authorities, ESRB/2011/3. 

ESRB (2014). ESRB recommendation on the macro-prudential mandate of national authorities (ESRB/2011/3), June 2014. European Systemic Risk Board. Retrieved from

ESRB (2014). The ESRB Handbook on Operationalising Macro-Prudential Policy in the Banking Sector. European Systemic Risk Board. Retrieved from

ESRB (2015). National Competent or Designated Authorities for CRD IV/CRR Instruments and Current or Future Implementation of Macroprudential Instruments.

G20 London Summit (2009). Declaration on Strengthening the Financial System.

Goodhart, C. (2011). The macro-prudential authority: powers, scope and accountability. OECD Journal: Financial Market Trends, 2011(2). 

Gramegna, P. (2015). Loi du 1er avril 2015 portant création d'un comité du risque systémique et modifiant la loi modifiée du 23 décembre 1998 relative au statut monétaire et à la Banque centrale du Luxembourg. Journal Officiel du Grand-Duché de Luxembourg, 64, 1294.

IMF (2011). Macroprudential Policy: An Organizing Framework. International Monetary Fund. Retrieved from

Jansen, B., Bossu, W., Arda, A., Knight, D., Tamez, M., Kroytor, O., Gianviti, F., Hockett, R. (2013). Implementing Macroprudential Policy – Selected Legal Issues. International Monetary Fund.

Kawai, M., Morgan, P. J. (2012). Central banking for financial stability in Asia. ADBI Working Paper Series, 377. Asian Development Bank Institute. Retrieved from

Liebeg, D., Posch, M. (2011). Macroprudential Regulation and Supervision: From the Identification of Systemic Risks to Policy Measures. Finanzmarktstabilitätsbericht, Oesterreichische Nationalbank.

Lim, C. H., Krznar, I., Lipinsky, F., Otani, A., Wu, X. (2013). The macroprudential framework: policy responsiveness and institutional arrangements. Working Paper, 13-166. International Monetary Fund.

Lim, C., Columba, F., Costa, A., Kongsamut, P., Otani, A., Saiyid, M., Wezel, T., Wu, X. (2011). Macroprudential policy: what instruments and how to use them? Lessons from Country Experiences. Working Paper, 11-238. International Monetary Fund.

Nier, E. (2009). Financial stability frameworks and the role of central banks: lessons from the crisis. Working Paper, 09-70. International Monetary Fund. 

Nier, E., Osiński, J. (2013). Key Aspects of Macroprudential Policy. Background Paper, 2013/080. International Monetary Fund. 

Nier, E., Osiński, J., Jácome, L. I., Madrid, P. (2011). Institutional models for macroprudential policy. Discussion Note, SDN/11-18. International Monetary Fund.

Nier, E., Osiński, J., Jácome, L. I., Madrid, P. (2011). Towards effective macroprudential policy frameworks: an assessment of stylized institutional models. Working Paper, 11-250. International Monetary Fund.

Osiński, J., Seal, K., Hoogduin, L. (2013). Macroprudential and microprudential policies: toward cohabitation. Discussion Note, SDN 13-05. International Monetary Fund.

Ozge, A., Olmstead-Rumsey, J. (2015). How effective are macroprudential policies? an empirical investigation. International Finance Discussion Papers, 1136.

Salim, M. D., Wu, X. (2015). Experiences with macroprudential policy – five case studies. Working Paper, 15-123. International Monetary Fund.

Schinasi, G. (2006). Safeguarding Financial Stability: Theory and Practice. Washington, D.C.: International Monetary Fund. Retrieved from

Vinals, J. (2011). The Do's and Don'ts of Macroprudential Policy. European Commission and ECB Conference on Financial Integration and Stability. Brussels, 2 May 2011.

Rights and Permissions
This work is licensed under a Creative Commons Attribution 4.0 International License. The images or other third party material in this article are included in the article’s Creative Commons license, unless indicated otherwise in the credit line; if the material is not included under the Creative Commons license, users will need to obtain permission from the license holder to reproduce the material.
Submit Your Paper