In this sense, macroprudential policies do not only contribute to a stable ﬁnancial system but also ensure that monetary policy can focus on its price stability mandate (Deut​sche Bun​des​bank 2015b). 5 Summing Up Over the past two decades, the macroeconomic and institutional environment in which European central banks operate has changed signiﬁcantly.
That is reassuring, and – without wishing to blow one's own trumpet – it is, of course, also one outcome of regulatory reform. So as gloomy as the outlook might be, we don't need to worry much about the banks just yet – but we can't sit back and relax, either. There are three things that matter now.