A number of proposals for specific macro-prudential measures have been put forward, following the objective-oriented approach. 15 But we need a broad framework for policy analysis and implementation. We have been working on this at the ECB for some time.
13  On dynamic provisioning, see Fernandez de Lis, Martinez Pages and Saurina (2000), “Credit growth, problem loans and credit risk provisioning in Spain”, Banco de España Working Paper No. 0018, Madrid, and Jimenez and Saurina (2006), “Credit cycles, credit risk and prudential regulation”, International Journal of Central Banking, 3(2), pp. 65-98.