Legal Foundations of Macroprudential Policy An Interdisciplinary Approach

Macroprudential policy focuses on the financial system as a whole, as distinct from individual institutions, and its objective is to limit the costs to the real economy from system-wide distress of the financial sector. This book offers a critical, contextual and comparative examination of the nature of macroprudential policy as an emerging legal domain. It explores why macroprudential policy is necessary and how best to design tailored legal, institutional and governance frameworks that support the various supervisory stages in macroprudential regimes. Questions addressed relate to the design of the macroprudential mandate and institutional structures, independence, transparency and accountability arrangements, the nature and limitations of macroprudential authorities’ supervisory powers, as well as the challenges that are likely to be encountered during the generation, collection and analysis of data and the use of macroprudential tools. The book extends beyond being a ‘one-stop-shop’ introduction on all aspects of macroprudential policy. It digs deeper by analysing the unique features of macroprudential policy that set it apart from other policy areas.

Dr. Anat Keller is a Lecturer in Law at the Dickson Poon School of Law, King's College London, and a Research Fellow at the Centre for Data Analytics for Finance and Macroeconomics (DAFM) at King's Business School. She was previously a Teaching Fellow and a Visiting Lecturer in Law at University College London (2007-2016). She is also a qualified solicitor and serves as a Deputy Chief Examiner of the University of London. She is co-author of the book 'Law Relating to Financial Services' now in its 8th edition and has published numerous articles and chapters in peer-reviewed journals and edited collections focusing on macroprudential policy.