Similarly, financial market participants quickly assimilate publicly available information to help judge the market clearing price for securities that you issue. Indeed, this process is what makes the venue for today's discussion - the New York Stock Exchange, home of the world's deepest equities market - so appropriate.
An advantage of macroprudential instruments in this respect, and which is particularly relevant in a monetary union, lies in the possibility to target the use of instruments towards certain sectors and to address asynchronous business and financial cycles across Member States. Similarly, during phases of risk materialisation, releasing macroprudential policy buffers can support monetary policy via the impact on banks’ credit supply.