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Macroprudential and monetary policies may interact—and conflict—with each other although pursuing different objectives. This statement entails that when national authorities decide to use one policy to effectively achieve its statutory target, the side effects affecting the other policy should be considered. This is not only an economic challenge in the pursuit of price and financial stability but also a legal uncertainty to be kept under severe scrutiny, especially for the Eurozone where the responsibility for conducting macroprudential policy is statutorily separate from the ECB’s monetary tasks. The legal inconsistencies associated with this structural separation raise a number of questions about the legal architecture of the EU macroprudential banking supervision and monetary policy.
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- Chapter 1
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