These will call urgent and focused attention by macroprudential policymakers.
Meanwhile, I find the debate on whether macroprudential policy should be formally part of the central banks’ mandate as mostly exegetic, even theological – macroprudential policy is de facto the second pillar now, and de jure this fact has in Europe been anchored in the EU’s secondary legislation, both as to the role of the financial supervisory authorities in the member states, and of the European Systemic Risk Board.