When it comes to much financial activity taking place outside prudentially regulated institutions, however, there is still a need to develop, analyze, and consider tools that should be used for achieving macroprudential aims.
Given the breadth and diversity of activities that can be encompassed, for example, in the term “shadow banking,” it is also necessary for policymakers to identify some priority areas within which to focus work on developing an appropriate set of regulations informed by macroprudential considerations.