These actions should limit the risk that, in a context of weak economic activity and tight credit conditions, the increase in provisioning might lead to a deterioration in the availability of credit to the private sector. 5. Conclusions  Macroprudential policy may play a crucial role in preserving financial stability.
But in this new field of policymaking, more than in others, we should keep in mind that no solution is obviously right or wrong. More experience is needed on the functioning of macroprudential authorities and the use of tools. As progress will inevitably follow from a learn-by-doing type of approach, policymakers should not shy away from carefully planned but bold experiments.