The European Systemic Risk Board has narrowed a list of macroprudential tools to 15. At the end of 2011, the ESRB had 42 potential responses. All EU members are constrained to those 15 tools, although non-euro-zone nations might have more leeway because there is less direct oversight of their actions. One tool is the countercyclical capital buffer, which is part of Basel III rules and lets regulators increase capital requirements.
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