The absence of precise and complete indicators to evaluate risk is not exclusive to the macroprudential arena. However, for the aforementioned reasons, the problem is particularly acute in this case. In other words, the margin for error is high.
Second, the theoretical foundation for macroprudential policy is at an incipient stage and still far from being able to provide the bases required to design integrated policy frameworks in this area. I am referring specifically to the need for a better understanding of the relationship of the financial system with the macro-economy, and to the importance of devising models that capture this relationship adequately.