The field is relatively new, and there are still some issues to be worked out, for example: the definition and content of macroprudential policies is not clear; there is no consensus on which authorities should direct and implement them; they have been used or “abused” to pursue inadequate objectives such as competitive currency manipulations or the adoption of protectionist measures.
My suggestion for macroprudential policy is that the international community should develop “best practices”. Whenever possible, central banks should be entrusted with their management, drawing a clear line with monetary policy actions, and they should assure that,  2  BIS central bankers’ speeches  at a minimum, macroprudential policies are transparent; targeted to a specific market failure or externality; and preferably be transitory.