Public hearing with Christine Lagarde, Chair of the European Systemic Risk Board

Briefing 28-06-2021

This note is prepared in view of a regular public hearing with the Chair of the European Systemic Risk Board (ESRB), Christine Lagarde, which will take place on 1 July 2021. The aim of the meeting is to present the ESRB Annual Report and to discuss recent developments in macroprudential policy field, potential systemic risks looming ahead, notably the impact of the pandemic. The briefing takes stock of (i) the ESRB and national macroprudential authorities’ response to the pandemic outbreak; (ii) summarises recent risk assessments; and takes a closer look at the following topics as potential sources of increasing systemic risk: (iii) corporate insolvency risks, (iv) macroprudential policy implications from low interest rates and (v) macroprudential concerns beyond banking.