Lessons learned and issues to be addressed
The reforms in institutional and organisational arrangements introduced by the FSA broadly
address the FSAP recommendations on the macroprudential policy framework.
In particular,the law delineates statutory responsibilities for financial stability in Germany; establishes the
FSC, and mandates the Bundesbank to provide the FSC with substantial analytical support,
including the identification of systemic risks and the formulation of recommendations to
mitigate them; specifies arrangements for cooperation and information exchange between the
Bundesbank and BaFin; and provides for backstop powers to collect additional information
from financial institutions. These reforms have taken place against a backdrop of
comprehensive changes to the arrangements for financial stability in the EU.