Yet, they need to be co-ordinated, which is a non-trivial task given that financial and business cycles could be de-synchronised. For these reasons, as I have already highlighted, macro-prudential policy should also be under the responsibility of central banks. Finally, let me repeat the warning that without an effective macro-prudential policy, advanced economies will not be able to ensure financial stability.
It is therefore an important endeavour to keep fighting for the appropriate policies to smoothen the financial cycle and to sufficiently tame finance in order to avoid crises that threaten the future of our economies.