What do we know and what do we still need to know  BIS central bankers’ speeches  3  about the functioning and the effectiveness of our new policy instruments, like e.g. many new macroprudential measures? As the CEEI series concentrates on CESEE, we are particularly interested in the lessons that will have to be drawn for this region.
To what extent did the financial cycle aggravate the crisis and slow down recovery in these countries? Are there lessons to be learned from crises in other countries – for example from the euro area periphery? Given the fairly heterogeneous performance of CESEE economies since 2007/08, did policymakers in some CESEE countries anticipate the financial cycle better than their counterparts in other countries?