One example, of particular interest to central bankers, is the ongoing debate about the circumstances under which monetary policy should be adjusted to take account of financial stability concerns. Lying behind the  1  Thus, for example, fiscal or tax policies would not be generally characterized as macroprudential tools, even though they could have implications for systemic risk in some circumstances.
For useful overviews of macroprudential policy issues and debates, see International Monetary Fund (2011), “Macroprudential Policy: An Organizing Framework (PDF),” (Washington: International Monetary Fund, March 14); Gabriele Galati and Richhild Moessner (2011), “Macroprudential policy – a literature review (PDF),” BIS Working Paper No. 337 (Basel, Switzerland: Bank for International Settlements, February).