Have they been effective in ensuring financial stability? Let us not be too optimistic: financial crises have always happened and will always happen. However, macroprudential policy can surely mitigate the most harmful manifestations of the 1/4  BIS central bankers' speeches  financial cycle – especially in the current low interest rate environment that encourages excessive risk-taking.
Experience has shown that combining banking and insurance activities is not as effective in offsetting cash flows and exposures as was once thought. Risks run on one side of the world are difficult to monitor from the other side of the world.