I share the view that macroprudential measures should have a prominent role in the pursuit of financial stability. But I am also convinced that we must be well aware of the limitations that we face in using these tools.
To start with, despite the substantial increase in research on financial stability issues in the aftermath of the crisis, the theoretical foundations for macroprudential policy are at an incipient stage and still far from being able to provide the basis required to design integrated policy frameworks in this area.