Establishing financial stability entails conscious actions by the CBN, and other regulatory agencies to stem wide fluctuations in the key macroeconomic indicators. The high points of this pillar include, strengthening the Financial Stability Committee within the CBN, establishment of macro-prudential rules, development of directional economic policy and counter-cyclical fiscal policies by the government and further development of capital markets as alternative to bank funding.
There may well be a place for such measures, as discussed, but the first line of defence is that each country should make its economy more resistant and restore the fiscal room to manoeuvre that 1/3  BIS central bankers' speeches  has now disappeared. Yet we have to admit that our budgetary rules have not attained their objective.