*  *  *  I would like to thank Paolo Angelini and Sergio Nicoletti Altimari for highly useful discussions and assistance. 1. Macroprudential objectives and tools  While the objectives of monetary and fiscal policies are clearly defined, and often precisely quantified, the situation is less clear in the case of financial stability.
We have adopted the fulfilment of Maastricht convergence criteria as a medium-term target, and will be able to meet all of them in 4 to 5 years. Latvia already complies or is close to complying with most of them: •  the public debt is much lower than Maastricht requirements, i.e.