For instance, a tight micro prudential regulatory and supervisory regime and monetary policy that leans against financial imbalances are both likely to reduce the need for macro prudential intervention yet do not constitute macro prudential policy.
The IMF (2011) proposes two criteria for what constitutes a macro prudential tool: it explicitly and specifically targets systemic risk, and it is controlled by the macro prudential authority. Like most aspects of macro prudential policy, the toolkit is in its formative stage. At present, it relies largely on prudential instruments adapted to address systemic risk.