The first and main benefit is of course a more stable financial system, which is as much to the advantage of all players in the industry as it is to everyone in the wider economy. The second benefit is, as I have just mentioned, better regulation, rather than more regulation. Better regulation combines micro-prudential and macro-prudential perspectives.
Macro-prudential policy advice should allow market participants to internalise the potential effects of systemic risk in conducting their business. This should enable financial institutions to improve their forward-looking capacity in decision-making, taking corrective measures with sufficient lead time, and being more resilient to market tensions if and when they arise. The third set of benefits lies at the technical level.