In this context, I would like to touch upon the limits of the macroeconomic policy operating framework before the outbreak of the crisis, the efforts to improve it to bring financial stability, the need for carrying out macroprudential policies and how best to achieve harmony in the conduct of monetary and macroprudential policy.
1  Systemic Risk Assessment Model for Macroprudential Policy  BIS central bankers’ speeches  1  Limits of macroeconomic policy framework operation before the crisis As the Great Recession triggered by the financial crisis has been persisting for a long time, each nation’s policy responses are more critical than ever before to prevent recurrence of a financial crisis.