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Alessandra Testa

26 April 2023
MACROPRUDENTIAL BULLETIN - ARTICLE - No. 21
A positive neutral rate for the countercyclical capital buffer – state of play in the banking union
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Abstract
This article discusses the possible implementation of a positive neutral rate for the countercyclical capital buffer (CCyB) as a means of increasing macroprudential policy space in the European banking union. Drawing on experience from the coronavirus (COVID-19) pandemic, it explains why a positive neutral rate is needed to enhance the effectiveness of the current macroprudential framework. It also describes recent progress on the application of this tool around the globe and concludes with some remarks on the calibration and potential future application of the tool in the banking union.