Macroprudential strategy

The macroprudential strategy in Liechtenstein is based on the recommendation of the European Systemic Risk Board (ESRB) on intermediate objectives and instruments of macroprudential policy (ESRB/2013/1). The ESRB recommends establishing a macroprudential strategy, which combines macroprudential intermediate objectives with macroprudential instruments. By determining intermediary goals, macroprudential measures become more operational, more transparent and more accountable to the general public. Hence, Liechtenstein's macroprudential strategy captures the essential reference points for fulfilling the key tasks of macroprudential supervision and facilitates its decision-making process. 

The FSC has discussed and agreed on the macroprudential strategy in Liechtenstein in its first meeting on 5 July 2019. The publication of the macroprudential strategy increases the awareness of macroprudential policy and supervision and improves the effectiveness of its decisions. Simultaneously, the release fosters the accountability of macroprudential supervision and policy, i.e. whether the objectives have been achieved.