d)  Adequate accountability mechanisms should exist, including among others strict requirements for the supply of information to the public.
It is widely accepted that central banks should play a very important role in these efforts, given their deep analytical and operational experience in macroeconomic and financial subjects, the tight relationship between monetary and macroprudential policies, and the responsibility these institutions have as lenders of last resort.13 In addition, the empirical evidence shows that there is a negative relationship between the response time of macroprudential policy to developments challenging financial stability, and the involvement of the central bank in institutional arrangements for these policies.14 As can be seen, despite the considerable increase in research on macroprudential policy, an enormous effort is still needed to develop adequate foundations for the design and implementation of these policies.