Further instruments are under consideration. To  BIS central bankers’ speeches  1  address the cross-sectional dimension of systemic risk, stricter capital surcharges as well as liquidity ratios for systemically important financial institutions are under discussion in order to increase their resilience and to stabilise their funding. With respect to our macroprudential toolkit, we can report first successes.
The countercyclical capital buffer is about to be implemented as the first truly macroprudential instrument. It is at the disposal of the national supervisory authorities in order to dampen excessive credit growth in their jurisdiction. A credit boom is often closely connected to the build-up of system-wide risks.