Under certain conditions, as long as monetary policy has a larger effect on inflation than it does on financial stability risk and macroprudential policy has a larger effect on financial stability risk  9  6  This argument is advanced, for example, in L. E. O. Svensson, “Monetary Policy and Macroprudential Policy: Different and Separate” (presentation to the Federal Reserve Bank of Boston’s 59th Economic Conference, Boston, Massachusetts, 2 October 2015).
BIS central bankers’ speeches  than it does on inflation, there would be no need, in theory, for the agencies responsible to coordinate their actions explicitly. They would need to share information with each other only so that each could use its own policy tool to account for the spillovers from the other policy on its own objective.