And for this purpose I see it necessary to operate more advanced forms of regulatory surveillance and macrofinancial stability policy, to secure a more diverse range of policy instruments for ensuring soundness, and to further strengthen both international cooperation and market discipline. The recent debate in the G20 and the BIS on developing and introducing macroprudential policy instruments has now also been reinvigorated.
Notably, with regard to newly emerging market countries, that are relatively more exposed to excessive market risk and foreign currency liquidity risk than advanced countries, detailed evaluation is needed of the influences on their financial  BIS central bankers’ speeches  3  systems of introduction of the proposed new micro- and macroprudential regulatory tools.