In pursuing their goal of preserving price stability, central banks are attentive to the evolution of real and financial markets, they are familiar with the credit and banking channel and their institutional independence shields them from political interference. However, as central bankers we have to perform our tasks with the utmost responsibility.
Before adjusting the conceptual framework underpinning possible policy action, we need tested, robust analyses. In macroprudential policy we still lack this certainty that would allow for a macroprudential stance that is similar but different to monetary policy. We have no consensus on the definition and measurement of the objective.