This focus on tail risks raises important issues of accountability in the institutional design of macroprudential policies and also complicates the task of testing financial stability theories and proposed policies. Yet even against the backdrop of what is still a comparatively underdeveloped understanding of financial stability,3 commentators and policymakers have compiled and, in some cases, developed so-called “toolkits” of possible macroprudential measures.
This new classification will change how currency unions are treated, for example EMU countries will be classified as "independently floating". Moreover, a new category of "tightly managed float" is being introduced. This new de facto classification, however, will not be retroactive, so there will be a break in the series in 2007.