Let me now turn to fiscal policies, an area that is of the utmost importance and one with which I am also familiar. Similar to monetary policy, it is important that fiscal policy-makers in  BIS Review 142/2008  3  the euro area see the benefits of adhering to a kind of separation principle.
Macroprudential policy framework was created in a way that would mitigate inherent inaction bias in unpopular decisions. Legislation could be developed further into that direction, as we need more actions and less “talking to the wind”. We in Finland have national, SSM, EU and Nordic links and procedures in place. Every measure to simplify processes and to diminish bureaucracy would be more than welcome.