Meaning that, in a context where family businesses are predominant and where a large number is transitioning to the 3rd generation, or is already controlled by the 3rd generation, serious consideration needs to be given to the separation of entrepreneurial, ownership and managerial functions.
We have also used macroprudential instruments symmetrically – tightening in times of excess demand as, for example, in the years before the crisis, and easing in times of slackening demand, for example, as part of the crisis response. 38. Even as macroprudential policies have become the talk of the town post-crisis, deploying them requires careful judgement.