Until these preconditions are met, the best solution is to integrate financial stability concerns into monetary policy at the European level – including possible corrections with instruments at national levels. Such a transitional equilibrium is, however, subject to necessary changes depending on three factors: 1. Deeper knowledge of the determinants of the financial cycle. 2.
Better understanding of macroprudential transmission mechanisms and policy instruments’ 5/6  BIS central bankers' speeches  consequences, taking into account the institutional evolution of European integration. 3. A continuous reassessment of the evolution of the monetary policy toolbox and the consequences of its use for the financial cycle.