There are two points in particular that I would like to underline. BIS central bankers’ speeches  1  The first is that macroprudential policy must place greater emphasis on preventing large fluctuations in the financial cycle, rather than simply increasing resilience to shocks when they occur.
This means making full use of instruments that can effectively restrain excessive leverage and credit growth, and deploying them in a time-varying way that is sensitive to movements in the financial cycle.