2  BIS Review 17/2005  National Discretion: Basel II norms set out a number of areas where national supervisor will need to determine the specific definitions, approaches or thresholds that they wish to adopt in implementing the proposals.
In terms of frequency, monetary policy tends to follow the business cycle, whereas macroprudential policy is related to the financial cycle. Certainly, these cycles are not independent from one another. But the BIS has calculated that the financial cycle in advanced economies has an average length of about 16 years, whereas business cycles tend to have a duration of 1 to 8 years.