However, the macro-prudential framework is still fuzzy, and being developed with the benefit of hindsight after the crisis that started in 2007 with the bursting of the subprime bubble. I will describe briefly the main tools that are being developed, dividing them into those that address pro-cyclicality and those that attempt to improve resilience.
I will discuss their  7  4  Fahr, Motto, Rostagno, Smets and Tristani (2011). BIS central bankers’ speeches  interaction with monetary policy and the conduct of that policy, and draw some tentative conclusions about how they reinforce each other – and where I see possible problems.