Bill White felt that leaning against economic and financial excesses during boom makes more sense as cleaning up after the bust is impossible. The trilemma is less on the upswing, but magnifies in the downswing. Y.C. Park questioned the efficacy of macro-prudential tools in containing mortgage credit growth in Korea.
The capital control tools are largely towards containing capital inflows but there are no effective tools to control capital outflows. While summing up the third session, Mr. Anand Sinha, Deputy Governor noted that the potential conflict between monetary policy and macro-prudential policies is overdone, and indicated that India offers an example that macro prudential policy has been less reactive and more preventive.