Conclusion In a basic sense, the imperative of a macroprudential policy perspective means taking account of system-wide effects as financial regulation is developed and implemented. But as is the case with traditional microprudential policy, agreement at this high level does not necessarily assure agreement on the priorities for regulatory attention, much less the specific regulations that should be adopted.
Nor can even the best-conceived macroprudential policies compensate totally for the risks created by key macroeconomic or financial conditions. It should, however, force us all to think about issues like arbitrage, correlated risks and responses, and externalities in a more explicit and regular fashion than was evident in pre-crisis practice.