3/5  BIS central bankers' speeches  Reflecting this, the ESRB recently noted that there is a need to establish a comprehensive macroprudential toolkit beyond banking, which to date is lacking.23 Of course, specific tools still need to be developed. The ESRB has done preliminary work assessing what those tools might be.
One example is the macroprudential use of margins and haircuts, on which I updated the European Parliament earlier this year.24, 25  Conclusion Let me conclude. Much has been achieved since the global financial crisis. In particular, banks in Europe are more resilient and the banking union has advanced.