They also have proper incentives to mitigate systemic risk ex ante since central banks typically have to deal with the fallout from financial crises. Last but not least, involving central banks in macroprudential policy should foster effective coordination between monetary policy and financial stability policies in a manner that preserves their autonomy.
5 See W. Dauth, S. Findeisen and J. Südekum (2017), Trade and Manufacturing Jobs in Germany, American  Economic Review: Papers & Proceedings 2017, Vol. 107, pp. 337–342. 6 See Deutsche Bundesbank, The danger posed to the global economy by protectionist tendencies, Monthly  Report, July 2017, pp. 77–91.