Abstract
The macroprudential policy framework has been developed and enhanced since the last FSAP. The Financial Market Stability Board (FMSB)—established in 2014 and tasked with strengthening cooperation in macroprudential oversight and safeguarding financial stability—plays the central role. The FMSB fulfills its mandate by discussing facts relevant to financial stability and issuing expert opinions, policy action recommendations, and warnings about financial stability risks. The Financial Market Authority (FMA), Austria's integrated financial supervisory authority, is also designated by law as the competent authority for applying macroprudential instruments and implements FMSB recommendations on a comply-or-explain basis. The Austrian National Bank (OeNB) is obliged to monitor and conduct analysis of systemic risks and to inform the FMSB on its findings. It also provides the secretariat for the FMSB.
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