Inevitably, our early experience in managing financial stability following the Asian financial crisis in 1999 managed to salvage the Indonesian economy from adverse impact of the 2008 turmoil. 2  BIS central bankers’ speeches  Why the central bank has an important role in macroprudential policy? 10. Now, one might question, who should be most suited to receive the mandate for macroprudential policy?
As Nobel Prize winning economist Amartya Sen has reminded us, our “instrumental objectives – like the single market and monetary union – should not overshadow our social commitment to the well-being and basic freedoms of the people.”4 The euro is a means to foster peace between nations; and a means to further our collective prosperity. In many ways, we have already achieved this.