Central banks have been engaged in a search for them since the financial crisis, but the search has not been especially fruitful. Some have defined countercyclical capital requirements11 as a macroprudential policy tool, presumably because they reflect a macroeconomic assessment and because they apply to the entire banking system.
Nonetheless they are not particularly aimed at moderating systemic interactions, and thus it is not clear that they are the archetypical macroprudential policy tool.