After all, deposit money, which has a major share in broad money, is created as a product of maturity mismatches and leverage of private financial institutions. A central bank needs to adequately monitor the financial environment, including such behavior of financial institutions.
Macroprudential perspectives, recently reemphasized in light of the current global financial crisis, should be understood as examining the interactions between the real and financial sides of the economy, considering the behavior of private financial institutions.