On 31 January 2025, the European Central Bank and the European Systemic Risk Board issued a joint report that describes the experience of countries that have adopted a positive neutral countercyclical capital buffer (CCyB) approach, as well as the views of those that have not. It outlines the perceived costs and benefits, implications for setting the CCyB through the cycle, calibration methods, conditions for build-up and release, interactions with other capital instruments, buffer usability and reciprocity.