A recent Banco de España article8 finds that this measure has, in conjunction with other measures adopted, enabled the provision of bank lending to the productive sectors of the economy to be increased. Also, the ESRB has during the crisis analysed various issues, such as: i) the implications for the financial system of the public guarantee programmes and other fiscal measures to protect the real economy; ii) the lack of market liquidity and its consequences for asset management and insurance companies; iii) the procyclical impact of debt downgrades on markets and financial institutions, and iv) the liquidity risks derived from margin calls. These avenues of research led to a set of recommendations for the EU Member States’ authorities to act in unison on the appropriate monitoring of the risks and vulnerabilities identified and on potential measures to mitigate them during the crisis. The future of macroprudential policy Allow me to conclude with some brief thoughts on the future of macroprudential policy. In my view, there are two aspects on which we should focus in the coming years. First, the current crisis should be used to draw lessons about macroprudential policy; and, among these lessons, one key aspect relates to the use of capital buffers. The empirical evidence shows that it is precisely during crises when the CCyB and, generally, the instruments that increase capital requirements acquire their full potential via the effects of their release [see Broto and Galán (2020)].
(vii)  In case of an excessive increase in the liquidity surplus or the emerge of extraordinary fluctuations in the market even at reasonable levels of excess liquidity, to enhance the effectiveness and flexibility of monetary policy and liquidity management strategy, in addition to YTL deposit buying auctions with standard maturities, reverse repo auctions and Central Bank liquidity bills with maturity up to 91 days may also be used actively. As a matter of fact, technical procedures regarding the issue of the said bills were completed by the Central  BIS Review 1/2007  9  Bank, by “the Communiqué on Liquidity Bills” published in the Official Gazette, number 26310, dated 5th of October 2006. (viii)  Currently, depending on liquidity conditions, whether there will be standard one week or two weeks YTL deposit buying auctions will be held or not, if there will be an auction, the maximum amount to be drained through the auction is announced at 10.00 at Reuter’s CBTY page. In 2007, the Central Bank may hold New Turkish Lira deposit buying auctions with standard maturities of 1, 2 and 4 weeks and continue to announce the maturity and the maximum amount to be bought in the auction(s) on Reuters’ CBTY page. Starting from 2007 onwards, no announcement will be made on the said page on days when no auction is deemed necessary according to liquidity conditions.