Moreover, strong institutions are needed to implement and apply regulation. Lastly, a macro perspective is needed. This means that we need not only the existing microprudential regulation but also a new, systemically-oriented regulatory framework. The two must go hand-in-hand. On top of all this, we need to be highly vigilant towards potential design flaws and unintended consequences in all of these regulatory projects.
Benoît Cœuré: The relevance of household-level data for monetary policy and financial stability analysis Opening remarks by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, at the ECB Conference on Household Finance and Consumption, Frankfurt am Main, 17 October 2013.