No single measure is complete in all aspects in a macroprudential context and policy-makers need, therefore, to rely on a wide range of measures and tools, covering various segments of financial systems and various types of shocks and transmission mechanisms. The challenge remains one of constructing a comprehensive systemic risk surveillance and assessment system which serves as an effective early warning system.
V.  Institutional and governance arrangements  Institutional and governance arrangements for ensuring financial stability is another critical issue. The overlap between macro prudential and monetary policies raises questions about the role of central banks in financial stability both in peace as well as crisis time.