2  Effectiveness of macroprudential policy While macroprudential measures of some kind were occasionally used by supervisors even before the name existed, it is only since 2013 that a systematic framework for such measures has been available in the European Union. The situation is similar in other major jurisdictions.
There is therefore only a limited amount of experience and data that research can draw upon to study its effectiveness in quantitative terms; the literature is not yet extensive. That said, what empirical evidence is available does suggest that macroprudential policy instruments, by and large, work as intended.