For this reason, a macroprudential approach to policy formulation is necessary to complement microprudential supervision, and in fact monetary policy. The aim of such a policy would be to smooth the impact of the economic cycle on the financial system and contain the build-up of systemic risks in the financial system as a whole.
Thereafter, monetary support for inflation convergence will be provided by Reinvestments continuing for an extended period of time Policy rates remaining at present levels well past the end of our net asset purchases The path of policy normalisation will remain conditional on the outlook for price stability. 1/1  BIS central bankers' speeches