•  Fourth, central banks, through their financial stability monitoring and macro-prudential supervision contribute to safeguarding financial stability and thus complement the activities of the competent supervisory and regulatory authorities. •  Fifth, in the long run, financial stability and financial efficiency are complementary and should reinforce each other.
In the short run, however, there can be circumstances in which tradeoffs between the two exist. Further theoretical and empirical work is needed to elucidate the relationship between financial efficiency and stability, and the connection to central bank policy. This last comment indicates that we still have plenty of work to do.