Macroprudential tools can be used in two ways. One is to foster a more resilient financial system on an ongoing basis. To give just one example, regulators can establish ceilings on mortgage loan-to-value ratios on an ongoing basis, so that any correction in housing prices is less likely to create stress for the financial system.
Finally, I want to thank all the participants whose large attendance today will certainly contribute to the success of the conference too. I hope that this conference will help us all to better understand the mechanisms underlying investment behaviour and to discover the policies needed to foster it. I wish you all a very productive conference. BIS Review 33/2002  3