Tight coordination between macro- and microprudential policies as well as between the participating institutions needs to be ensured. This should also extend to the Ministry of Finance as it has the ultimate responsibility for financial policy and is the representative of the taxpayer. Macroprudential authorities need to ensure transparency and clear communication of decisions and decision-making processes.
Transparency and communication in terms of policy strategy, risk assessment and the use of instruments are indispensable in order to make macroprudential policies comprehensible to financial market participants and the general public. Systemic risk does not respect national borders. Therefore, it is in our best interests to coordinate our actions in order to mitigate systemic risk internationally.