… The guiding principle of the market paradigm of action and liability for the consequences (of these actions) should be valid without exemption.” Taking this into consideration, the effects and the interdependence of macroprudential instruments may turn out to be a very fruitful research area.
To sum up, every intervention in the market needs to be justified by market failures, something that, unfortunately, is not hard to find in many areas of the financial system. There is no guarantee, however, that governments can do a better job.