The ESRB addresses its recommendations to national macroprudential supervisory authorities. In Germany, this is the function of the Financial Stability Committee. Accordingly, the Financial Stability Committee will participate in identifying, and sharing information related to, recommended fiscal policy actions in connection with Covid-19.

The recommendation of the ESRB (European Systemic Risk Board) is addressed directly to the Financial Stability Committee. All macroprudential supervisory authorities are supposed to set up national monitoring of fiscal policy actions related to the Covid-19 pandemic. In Germany, for example, such measures include state moratoria, state guarantees and loans.

The ESRB’s objective is to identify and measure cross-border and cross-sectoral effects of policies. It can also promote information-sharing between countries.

With this in mind, the ESRB has prepared data collection templates to be completed by the relevant supervisory authorities.