The Maastricht regulatory framework has the single monetary policy on the one side and the national fiscal policies on the other. The Stability and Growth Pact then followed soon thereafter, fleshing out the provisions of the Maastricht Treaty. In practice, though, this set of rules lacked binding force.
The need for macro-prudential regulation of certain financial activities becomes clear if we consider that banks and non-banks are closely tied through  BIS central bankers’ speeches  3  market-based intermediation activities. These include a broad array of services related to securitization transactions, securities financing transactions, repos, collateral management and derivatives.