In addition, the interactions between macroprudential policies and measures in other fields, particularly monetary policy, should be carefully considered; however, to date, they have not been sufficiently analyzed. Also, since recognition of the role that macroprudential policy can play in financial stability is relatively recent, empirical evidence on the effectiveness of these instruments is scarce.
Furthermore, it is indispensable to establish adequate institutional arrangements for the design and implementation of macroprudential policies. It must also be considered that macroprudential policies do not affect activities not subject to traditional banking regulations, i.e. shadow banking is outside their reach. Therefore, it is difficult to expect that financial stability can rely on the use of macroprudential policy alone.