BATASAN PENGAWASAN MAKROPRUDENSIAL ANTARA BANK INDONESIA DAN OTORITAS JASA KEUANGAN

Abstract

Bank Indonesia is an independent state institution with original authority to carry out macroprudential supervision functions in order to maintain financial system stability. Since the transfer of microprudential supervision functions to the Financial Services Authority (OJK) through Law Number 21 of 2011 jo Law Number 43 of 2023 about concerning the development and strengthening of the financial sector, jurisdictional boundaries between Bank Indonesia and OJK have emerged and require in-depth examination. This study aims to explain the delineation of macroprudential and microprudential supervision between the two institutions. The research method used is normative legal research with a statutory approach and qualitative analysis of primary, secondary, and tertiary legal materials. The discussion shows that macroprudential policy has a systemic and comprehensive scope over financial risks across time and institutions, whereas microprudential policy focuses on the financial health of individual institutions. In its implementation, macroprudential policy does not operate in isolation but requires close coordination with monetary and fiscal policies to avoid conflicting objectives. Furthermore, coordination among financial authorities is essential in addressing potential systemic risks. Bank Indonesia conducts macroprudential supervision through surveillance, inspections, and risk signaling, which serves as an early warning tool for financial system imbalances. In conclusion, the delineation of macroprudential supervision by Bank Indonesia and microprudential supervision by OJK must be carried out synergistically and complementarily. Institutional strength and clear mandates for each authority are key to maintaining national financial system stability effectively and sustainably.