It is an illusion to believe that we can finetune our instruments such that they have exactly the effect we want them to have. Recently, Otmar Issing wrote in the Frankfurter Allgemeine Zeitung: “The attempt to prevent each kind of crisis is just as hopeless as harmful.
… The guiding principle of the market paradigm of action and liability for the consequences (of these actions) should be valid without exemption.” Taking this into consideration, the effects and the interdependence of macroprudential instruments may turn out to be a very fruitful research area.