BIS central bankers’ speeches  In addition to the traditional financial regulatory rules we should think of safeguarding financial stability with macroprudential policy more generally. In this more holistic approach the role of analysis and research is, if possible, even more important than in the design of the traditional microprudential regulatory rules.
When talking about macroprudential policy, some observers have yet found it useful to make a distinction between it and regulation. Paul Tucker, for instance, defines macroprudential policy as “dynamically adjusted financial regulation”. Given that definition, one could argue that a well-designed and stringently implemented financial regulation is the first line of defense against systemic risks.