Lessons learned on macro-pru policies
Tools are proving their worth although use cases vary by country; role in over-arching frameworks remains a challenge
When Ben Bernanke presented the Squam Lake Report in 2010, his goal was clear: to prevent another great financial crisis from happening. After all, the former Federal Reserve chairman made the politically controversial decision to bail out failing US banks. A more systemic approach was needed, he argued, one that aims to maintain the stability of the whole financial system rather than individual institutions – a ‘macro-prudential’ supervisory approach.
Many answered the call. The US set up the
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