By contrast, the recent crisis provides several examples of triggers that did have systemic consequences but were not seen as crucial ex ante: the behaviour of certain insurance companies; the supposedly safe mortgage market of the world’s financially most developed system; the European sovereign debt market.
3 These difficulties in measuring systemic risk have important implications for the practical implementation of macroprudential policy and for the accountability of the macroprudential authority. As the new authorities start working, they will have to base their decision-making on operational arrangements. The year that has just begun will be very important in this respect.