This calls for proper co-ordination across European countries, which is embedded in European legislation. His academic work is notably relevant for the review of the EU macroprudential policy framework that is underway, carried out by the European Commission – e.g. in what concerns the extension of the policy toolkit.
On that note, I warmly congratulate you, Stijn, on winning the 2016 Germán Bernácer Prize for Promoting Economic Research in Europe. I am confident that you will make further important contributions in the years to come. 1 Reinhart, C. M. and K. S. Rogoff, (2009), “This Time is Different, Eight Centuries of Financial Folly”, Princeton,  New Jersey: Princeton University Press.