Specifically, the possible release of the capital conservation buffer in a system-wide crisis should be centrally governed in the euro area and could be combined with dividend restrictions in order to maintain equivalence with international standards. Complementarities between macroprudential and monetary policy The second challenge relates to complementarities between macroprudential and monetary policy.
But, if the causation is running mainly from product markets, where prices are set, to labor markets, where wages are set, then we would expect to see some squeeze on profit margins. Clearly, this is not the case at present.