The Bank of Canada and the FSB are both looking at how to model these interlinkages.16 I find work to stress-test the system particularly worthwhile because it helps identify where safeguards should be maintained or strengthened. Regulators around the world also need to continue to make good use of macroprudential policies to address localized vulnerabilities as they emerge.
In fact, the reverse is true. Luxembourg, the only country which did not have its own central bank, had to create one just before the transition to the single monetary policy. Nevertheless, our integration into the Eurosystem has obviously influenced the life of our institutions. I think on two changes which are not necessarily apparent to the outside world.