These instruments played a containment role on the credit cycle but these were times of less sophisticated financial systems. Nowadays, the transmission channels of stylised macro-prudential instruments are far more complex which makes their calibration especially hard. Policy makers will inevitably have to start with some trial-and-error approaches, that will help identifying and addressing the main operational issues.
This is to be achieved with the joint efforts of out colleagues from the world financial circle especially colleagues of the gold industry, and my colleagues in China. 2  BIS Review 71/2004