If we accept that properly implemented macroprudential policies can help to effectively combat financial vulnerabilities by strengthening resilience in the financial system and reducing systemic risk, this supports the view that authorities should look to these policies first when imbalances arise, before turning to monetary policy. Across the advanced economies, there is a wide variety of governance models for macroprudential policy-making.
Open and free markets are the antithesis of violence. They rest not only on voluntary exchange but also on a necessary condition of voluntary exchange: trust in the word of those with whom we do business.