About this learning event

This workshop brings together experts to exchange insights on macroprudential frameworks, policy instruments, and recent experiences aimed at enhancing financial system resilience. The event will open with a session on Financial Stability Monitoring, providing an overview of key indicators used to assess systemic risk, based on international best practices and EU guidelines. This session will explore how financial authorities monitor vulnerabilities and emerging threats to stability. Following this, four central banks will present national macroprudential frameworks and recent developments:

• The Croatian National Bank will present their solutions for the early identification of cyclical systemic risks by its early activation of the countercyclical capital buffer (CCyB) based on revised indicators and thresholds offering superior early-warning capabilities. It will also cover the introduction of borrower-based measures—including debt-service-to-income (DSTI) and loan-to-value (LTV) ratios, and maturity limits—effective from July 2025, and calibrated using granular loan-level data and cross-country insights.
• The National Bank of the Republic of North Macedonia (NBRNM) will share findings from its first Report on Macroprudential Policy Implementation, assessing the efficiency and effectiveness of macroprudential measures adopted by the NBRNM between 2017 and 2024. The report is evaluating capital and borrower-based measures, their impact on household debt and the housing market, and considerations for future policy refinement. It will aslo share their recent changes in the approach to identifying Systemically Important Banks (SIBs).
• The Bank of Latvia will discuss its “positive-neutral” approach to CCyB calibration as well as O-SII identification and calibration (possibilities and approaches from the perspective of small open economy with very small banking sector). It will also touch upon their recent adaptations to their comprehensive borrower-based toolkit of measures aimed at promoting energy-efficient housing. The sessions will also reflect on Latvia’s macroprudential setup in the context of ECB, ESRB, and EBA coordination.
• The National Bank of Moldova will present its macroprudential framework, highlighting the role of the capital buffer framework and the introduction of borrower-based measures. Afterwards, attention will be given to experience gained in the development of cyclical risk indices that reflect the country’s unique financial landscape. This will open the floor to a wider discussion of indicators used in the construction of composite indicators that capture cyclical risk dynamics.
• The National Bank of Romania will present its macroprudential framework, specifically the role of the capital buffer framework and the borrower-based measures. Afterwards also the linkages to the microprudential area will be depicted, and the latest evaluation of the macroprudential framework will be presented.
  

The workshop will offer a platform for participants to share their current experience and challenges with macroprudential instruments in their respective central banks.

Who should attend

This workshop has been designed for macroprudential policy makers and analysts at central banks and financial sector experts interested in macroprudential policy.

Faculty

The workshop will be delivered by:

• Lana Ivičić, Chief Advisor, Macroprudential Policy and Financial Stability Department, Croatian National Bank
• Milica Arnaudova Stojanovska, Advisor to the Governor, managing and coordinating Operations of Financial Stability and Macroprudential Policy Department and Banking Regulations and Resolution Department, National Bank of Republic of North Macedonia
• Kristīna Bojāre, Chief Economist, Financial Stability and Macroprudential Policy Department, Bank of Latvia
• Alexandru Monahov, Economic Advisor, Research Department, National Bank of Moldova
• Leonard Uzum, Macroprudential Policies Division, Financial Stability Department, National Bank of Romania

Practical information

Sending institution (or another donor) should cover the travel, airport transfer, and accommodation costs of particiants.

Partners

This learning initiative is supported by: