What is a treasure trove for researchers – the host of questions surrounding the functioning of the new set of instruments – is tricky terrain for policymakers, and for central bankers in particular. Shedding light on the use and effectiveness of different macroprudential instruments therefore remains an eminent task of economic research, and I am positive this conference will provide a valuable contribution.
On the crisis management side, it is important to ensure that the central banks’ operational framework is sufficiently flexible to deal with extraordinary situations and that supervisors’ cross-border arrangements for dealing with weak banks are sufficiently robust.