Online ISSN 2286-0266
Print ISSN 1223-0685
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Liliana DONATH
Universitatea de Vest din Timişoara
Veronica MIHUŢESCU CERNA
Universitatea de Vest din Timişoara
Ionela Maria OPREA
Universitatea de Vest din Timişoara
The recent financial crisis has highlighted the consensus, among authors, on the need to complement traditional micro-policies with a macro-prudential approach, in order to protect the financial system as a whole. The paper presents the concept of macro-prudential policy, the objectives, the tools and its interaction with other macroeconomic policies, starting from the mainstream literature and the macro-prudential policy framework in the European Union. Although the macro-prudential policy is in an advanced stage, in terms of institutions and regulations, it is in a test phase in terms of implementation and effectiveness of its instruments. The author focuses on selected, particular features of a small open emerging economy, i.e. Romania, that has experienced, to some extent, the application of macro-prudential measures. The paper concludes that a better understanding of the implementation of macro-prudential measures can constitute an advantage to ensure and maintain financial stability.

ŒCONOMICA no. 4/2014
Keywords: macro-prudential policy, micro-prudential policy, financial crisis, financial stability
JEL: E58, G28
Macro-prudential Experiences and Perspectives on Banking Supervision in the European Union [Experienţe şi perspective macroprudenţiale privind supravegherea bancară în Uniunea Europeană]