This interaction between monetary policy and macroprudential policy will be one of the most important areas for research over the next few years. The overriding aim must be to achieve sustainable and practicable results that can quickly and effectively underpin monetary policy. This fast implementation would enable it to pursue a steady monetary policy course geared to anchoring inflation expectations.
2  BIS central bankers’ speeches  Macroprudential policy requires its own instruments and must be clearly delineated from microprudential policy. Under the German government’s ten-point plan, the Bundesbank has a key role to play in macroprudential policy. This role is to be steadily expanded in order to strengthen the Bundesbank’s ability to act in this field.