Specifically, the possible release of the capital conservation buffer in a system-wide crisis should be centrally governed in the euro area and could be combined with dividend restrictions in order to maintain equivalence with international standards. Complementarities between macroprudential and monetary policy The second challenge relates to complementarities between macroprudential and monetary policy.
As widely recognised in the literature, policy outcomes can be improved if complementarities between these two policy areas are exploited.2 For instance, during phases of risk build-up, effective macroprudential policy can unburden monetary policy with respect to financial stability concerns.