At the same time, the experience made in some countries showed that a possible area for improvement concerns the modalities with which the outcome of the financial stability assessment may trigger concrete supervisory action.
However, what the pedestrians did not know was that pushing the buttons had no effect on the duration of the red phase. Please do not misunderstand me: I do not believe that macroprudential instruments are useless. Quite the contrary is true. What I want to highlight is that we cannot expect to prevent all future crises from happening.