However, the recognition that eventual crises could have heavy fiscal costs would seem to imply that Treasury officials might also be interested in both constructing and participating in a macroprudential framework that operates effectively. Just as war is too important to be left to the generals, financial stability may be too important to be left to the prudential authorities and the central bankers. 1.
Evaluating macroprudential risks  How can we best evaluate whether systemic imbalances are building up in such a way that they justify a policy response?