Macro-prudential supervision: its role, objectives and instruments  The need for an extended set of policy instruments for safeguarding financial stability is greater in order to prevent the emergence of financial imbalances and the recurrence of a financial crisis.
BIS Review 103/2010  5  pay-as-you-go basis and therefore could entail a substantial fiscal burden in coming years as large numbers of state workers retire. Of course, the demographic and health-care trends faced by state governments present severe challenges for federal fiscal policymakers as well.