If on the other hand, the responsibilities are distributed across different agencies, what should be the platform and protocol for coordination? What should be the role of the government? 35. Indeed, the post-crisis trend has been to entrust macroprudential supervision to central banks, and where central banks already have this responsibility, to define it more explicitly.
While there could be some synergies in that, there are also questions about potential conflicts of interest such as when, for example, the macroeconomic situation may require a tight monetary policy, but the central bank may demur because such tightening may raise concerns about the stability of the banking system.