There is therefore a certain parallel and a common motivation in these programmes. The common motivation is the need to ensure as much as possible a proper transmission channel for monetary policy, even in difficult circumstances. A central bank cannot permit its chosen monetary policy stance not to be transmitted to the real economy.
This suggests that a comprehensive macroprudential approach for non-banks needs to be devised. Policies should address system-wide risk and reflect the fact that the sector comprises a diverse set of entities and activities. This would ensure that the non-bank sector is better able to absorb shocks in the future.