FSC’s main communication tool is its annual report to the Bundestag
The authorities are also of the view that the FSC’s main communication tool is its annual
report to the Bundestag. While useful for enhancing accountability, it is not clear this tool is
sufficient or targeted enough to ensure effective communication to relevant stakeholders.
There are examples of communication through multiple outlets (speeches, articles, press
releases etc.) by macroprudential authorities in other countries that can provide more focused
and timely messages to their intended audiences.
Drawing on those examples, the German authorities may find
it useful to reflect on the pros and cons of the current approach to ensure
that opportunities for effective communication to various target audiences are not missed.
The first annual report of the FSC is due in mid-2014. As previously noted, the systemic risk
analysis section of the report will be largely based on Bundesbank’s work.
The authorities see the annual FSC report as a means
of updating the risks identified in the November FSR, even
though the latter is prepared solely by the Bundesbank and reflects its own views. The risks
of conflicting messages from this process will need to be carefully managed. It would also be
helpful if there was greater clarity on whether members of the FSC can and should speak on
behalf of the FSC as opposed to their own institution.