It is important to recognise that systemic risk is partly endogenous as it depends on the collective behaviour of financial institutions and their inter-connectedness, as well as the interaction between financial markets and the macroeconomy.
Macro-prudential policies aim to prevent, or at least  4  BIS Review 103/2009  contain, the build up of financial imbalances and ensure that the financial system is able to withstand their unwinding and be resilient to shocks.