The conference is a result of our excellent cooperation with the European Department at the IMF and the Center for Financial Frictions at Copenhagen Business School. The ambition for today is to have an open debate about the merits and limitations of macroprudential policy. And to discuss current challenges and the way forward.
To me, the essence of where we stand today with macroprudential policy is best captured in a quote by the Danish philosopher Søren Kierkegaard: "Life can only be understood backwards; but it must be lived forwards." *** So let me start with the beginning.