•  But this will not be the end of the road: looking ahead, we also need to build a financial landscape that is more diversified, more capital market-based for all segments of financial products. It is with this perspective that the ECB has singled out securitisation as one priority; but there are others, such as venture capital.
As I have just noted, we are now seeing the development of macroprudential policy tools and institutional frameworks, but ensuring effective and timely implementation of policy measures in real life would be challenging. For that to happen, supervisory authorities and central banks must first be able to properly observe the signals that point to excessive activity or inactivity in the financial system.