We remain crystal clear that price stability as well as the safety and soundness of banking institutions are important policy objectives. But we are as clear that cash, capital, and contingent markets, together with clearing and settlements, should be collectively considered when talking about the financial system. Macroprudential policy does not take away from any existing objective.
24  Gelain, P. Lansing, K. and Mendicino, C. (2013), “House prices, credit growth and excess volatility: implications for monetary and macro-prudential policy”, International Journal of Central Banking. 25  Equally, the limit endogenously loosens whenever housing prices decline relative to incomes.