BIS central bankers’ speeches  5  •  All these factors are short-term and this is consistent with traditional policies of central banks which are geared towards the short/medium term.
Going beyond systemic financial firms, it is necessary to develop appropriate macroprudential tools to address the systemic risk of the remaining non-bank financial system. This is in the spirit of what has been done for the banking sector, where a range of policy tools is now available to address risks to banks from developments in specific markets and activities.