Reciprocity

Published: 8/11/2017
Reciprocity or the reciprocation of macroprudential policy measures adopted by relevant authorities of other Member States of the European Union should ensure that all exposure-based macroprudential policy measures activated in one Member State are reciprocated in others.

This increases the efficiency and consistency of macroprudential measures in EU Member States and contributes to equality in the single market. In December 2015, the ESRB adopted a Recommendation on the assessment of cross-border effects of and voluntary reciprocity for macroprudential policy (ESRB/2015/2) which aims to harmonise the procedures of voluntary reciprocity for macroprudential policy measures and reduce potential negative cross-border effects of macroprudential measures. The Croatian National Bank transposed the provisions of the Recommendation ESRB/2015/2 into Croatian legislative framework by adopting the Decision on the reciprocity of macroprudential policy measures adopted by relevant authorities of other European Union Member States and assessment of cross-border effects of macroprudential policy measures.

The existing Recommendation ESRB/2015/2 was thus far amended two times, adding to the list of macroprudential measures to be reciprocated in March 2016 a measure adopted by the National Bank of Belgium (NBB) (ESRB/2016/3) and in June 2017 a measure adopted by Eesti Pank, the national central bank of Estonia.