Hence, fiscal policy has now a limited room for manoeuver, also given the constraints posed by the European rules. The Government is 4  BIS central bankers’ speeches  fully using the available flexibility. In terms of composition of the budget, it is aiming at changing it in a more growth-friendly manner.
Ladies and gentlemen, even this short overview shows what a long way we have to go to achieve financial stability. Developing a viable monetary policy operational strategy has taken several decades; we will not have that much time to come up with a sustainable macroprudential strategy.