ESRB has published two recommendations relating to expanding the European macroprudential policy framework. The first concerns the counter-cyclical buffer rates for banks’ exposures to third countries. It is designed to ensure that the same counter-cyclical buffer rate for exposures to a particular third country would typically apply across the EU. The second recommendation deals with cross-border effects of macroprudential measures. It sets out the framework for dealing with these cross-border effects and establishes a mechanism for voluntary reciprocity with these measures. This recommendation is intended to cover all macroprudential measures, irrespective of which part of the financial system they address. (Source:ESRB Approves Expansion of Macroprudential Policy Framework)