Macro-prudential regulation is essentially an inexact science. It has its limitations and needs to be used in conjunction with other policies to be effective. For leaning against the buildup of imbalances, a combination of monetary and macroprudential policies is required. If  10  BIS Review 116/2010  inflation risks are emerging, macroprudential measures cannot take the place of interest rate increases.
Macroprudential measures are well suited to enhance resilience of the financial system but their effect on aggregate demand and inflationary expectations are weak compared to interest rates. It is also important to acknowledge what macroprudential regulation cannot do: it cannot manage economic cycles or target asset prices.