Every now and then, macro prudential policy will have to be tightened to constrain the financial system during a boom. There will then no doubt be strong pressures from financial institutions and borrowers alike not to do so, and there is always a risk that political pressures will arise.
For much the same reasons as monetary policy makers are independent, macro prudential policy makers must also be. Fourth, good policy requires policy makers to be accountable. Thus, the macro prudential policy makers should explain to the public, through regular reports and perhaps also to parliament or a parliamentary committee, what measures it has taken and why.