To start with, despite the substantial increase in research on financial stability issues in the aftermath of the crisis, the theoretical foundations for macroprudential policy are at an incipient stage and still far from being able to provide the basis required to design integrated policy frameworks in this area.
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.