In what appears to be nearly a paradox, regulatory failure has remained in the background overshadowed by the concentration of policy making bodies in financial stability. Financial stability concerns have had an impact on the management of both macro and micro policies regarding financial stability for a long time now. Uruguay can give examples of that matter.
To quote one, in 1998 when facing a bullish international environment, Uruguay increased capital requirements on banks to tame the seemingly bubbling behaviour of domestic credit. For years now, Uruguay has worked on increasing the maturity of domestic public debt to avoid liquidity pressures on fiscal accounts that might in the end affect the health of the banking sector.