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 European Systemic Risk Board (ESRB) published a recommendation on vulnerabilities in the European commercial real estate sector on 25 January 2023 (ESRB/2022/09). The recommendation is addressed to microprudential and macroprudential supervisory authorities and to the European Commission.

ESRB has published five warnings and two recommendations on medium-term residential real estate vulnerabilities and the assessment of compliance with recommendations issued in 2019 (ESRB/2021/10).

The European Systemic Risk Board (ESRB) has published a Recommendation for the establishment of a pan-European systemic cyber incident coordination framework (EU-SCICF) (ESRB/2021/17).

ESRB has published a policy recommendation aimed at increasing the resilience of money market funds based on the lessons learned on the financial market turmoil of 2020 (ESRB/2021/9). An additional report provides an impact assessment.

The Financial Stability Committee considers the German system to be stable, despite uncertainties such as Brexit and the possibility of an abrupt rise in interest rates. The Financial Stability Committee also addressed developments related to crypto-assets and the regulatory treatment of government bonds.

At its December meeting, the Financial Stability Committee (FSC) assessed the current risk situation in the German financial system. It concluded that macroprudential policy should return to prevention mode. Given the existing uncertainties over economic trends, the FSC will assess which instruments should be activated swiftly in 2022 to address the identified risks as effectively as possible.

The low interest rate environment is placing earnings pressure on many financial market players and poses a particular challenge to German life insurers. The Financial Stability Committee presented these and other topics in its first annual report to the German Bundestag on 18 June 2014.

In its fourth annual report to the German Bundestag, the Financial Stability Committee addressed the divergence between US and EU monetary policy and the impact of cyberattacks on the German financial system.

The German Financial Stability Committee (FSC) has analysed which macroprudential instruments currently most effectively address the risks identified in the financial system. The FSC welcomes the package of macroprudential measures announced by the Federal Financial Supervisory Authority (BaFin).