Second, aggregate monetary policy tools are often blunt weapons against financial imbalances, so deploying them might produce a conflict between financial stability and short-term economic stabilization. Macroprudential tools may be more direct and more appropriate for fostering financial stability. 31 Third, financial policy might need less frequent adjustment than monetary policy.
European Monetary Institute: Standards for the use of EU securities settlement systems in ESCB credit operations; January 1998 2. European Monetary Institute: The single monetary policy in stage three; Specification of the operational framework; January 1997 3. European Monetary Institute: The single monetary policy in stage three; General documentation on ESCB monetary policy instruments and procedures; September 1997 4.