The Term 'Macroprudential': Origins and Evolution

9 Pages Posted: 12 Aug 2012

See all articles by Piet Clement

Piet Clement

Bank for International Settlements (BIS)

Date Written: March 1, 2010


In the wake of the recent financial crisis, the term “macroprudential” has become a true buzzword. A core element of international efforts to strengthen the financial system is to enhance the macroprudential orientation of regulatory and supervisory frameworks. Yet the term was little used before the crisis, and its meaning remains obscure. This special feature traces the term’s origins to the late 1970s, in the context of work on international bank lending carried out under the aegis of the Euro-currency Standing Committee at the BIS. It then describes its changing fortunes until its recent rise to prominence.

JEL Classification: G20, G28

Suggested Citation

Clement, Piet, The Term 'Macroprudential': Origins and Evolution (March 1, 2010). BIS Quarterly Review, March 2010, Available at SSRN:

Piet Clement (Contact Author)

Bank for International Settlements (BIS) ( email )

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Basel, Basel-Stadt 4002

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