A lesson drawn from the crisis is that we have focused on rather narrow areas of financial activity. Nowadays, it is important that we focus on the risks that might have been missed such as the interlinkages between sectors, and thus explore how the financial system can influence, and be influenced, by the wider economy.
This panorama makes clear that further progress is needed to arrive at quantifiable definitions and operational frameworks in order to appraise macroprudential policies. For the time being, given the importance of these factors, it is essential to take into account the limitations of any evaluation exercise. 3 What we know about effectiveness The prescription for macroprudential measures has given rise to empirical research.