Although no consensus exists with respect to the precise meaning of the term macroprudential, a definition frequently used considers the key elements of macroprudential policy to be: its objective of containing systemic risk, its focus on the financial system as a whole, and the use of prudential tools (and non-prudential tools as long as they are focused on systemic risk).1  1  Financial Stability Board, International Monetary Fund, and Bank for International Settlements, “Macroprudential Policy Tools and Frameworks,” Progress Report to the G20, October 27, 2011.
This is no longer the policy of small steps; this time the bar has been set very high. Now the reforms need to be implemented and supported by the public. We can also pay tribute to having the courage to carry out reforms while the recovery is under way and the efforts no longer seem absolutely essential.