Indeed, as I have noted previously, a major concern of mine is that the U.S. macroprudential toolkit is not large and not yet battle tested.
30 The Federal Reserve and the Bank of England benefit from each other’s experience as they develop and improve arrangements to meet their financial stability  29  This resource decision led, in 2010, to the creation within the Federal Reserve Board of the Office of Financial Stability Policy and Research (which later became the Division of Financial Stability). 30 See Fischer (2015b).