Five years before the GFC? Difficult to say. But I think most of us in this room would agree that levels of interest rates, we see now, are „not normal“ but „exceptional“. But will „the new normal“ be around 5% nominal rates or closer to 2%, is not clear at this point.
I want to finish by emphasising two elements that must be at the core of effective macroprudential policies, regardless of the institutional arrangements in a given country. The first is effective cooperation between those involved in traditional central bank activities and bank supervisors.