1  Introduction    1 1.1   Reasons for a Research   1
1.2   The Problem at Issue   4
1.3   The ‘Legal Interaction’ in a Nutshell   6 References    8

2  Law and Economics of Macroprudential Banking Supervision   11 2.1   Defining Macroprudential Policy  11
2.2   Legal Components of the Macroprudential Policy Definition  28
2.3   The EU Regulatory Archipelago  47
2.4   A European Institutional Overview  65 References   90

3  A Legal Approach to Monetary Policy  109
3.1   Past Experiences and Main Developments in Monetary Policy 109
3.2   The Monetary Policy Transmission Channels in a Nutshell 124
3.3   Price Stability, Instruments, and Monetary Transmission Mechanisms Under a Legal Perspective 139
3.4   Monetary Policy in the Institutional Framework of the EU 165 References  182  Policy Interactions and Conflicts  205
4.1   Interactions Between Monetary Policy and Financial Stability 205
4.2   Interactions Between Macroprudential Policy and Price Stability 220
4.3   Policy Complementarities and Risk of Conflicts 230 4.4   Addressing the Conflicts 239 References  254

5  The Legal Interaction in the EU Institutional Framework  265
5.1   Defining the Legal Interaction 265
5.2  The Legal Interaction in the EU Regulatory Architecture 276
5.3   Possible Conflict of Policies as a Problem of Rules? 301
5.4   The Legal Limits of the ESRB 314 References  328
6  Some Concluding Remarks  337
6.1   Rethinking the Interaction Between Macroprudential Supervision and Monetary Policy 338
6.2   Expanding the Array of Policy Instruments by Exploiting the Legal Interaction 341
6.3   A Cornerstone for a ‘Law and Macroeconomic’ Analysis 342 Reference  344
Glossary  345
References  349
Index  405