Assessing the value of financial stability reports

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As the global crisis deepened around the world during the last quarter of 2008, national economic policy was driven to focus on minimising the damage of the crisis and on bringing policies aimed at financial stability to the fore. The most important lesson of the crisis – alongside monetary and fiscal policies to match the economic cycle – was the realisation that policies focused on micro risks were not enough to secure the goal of preserving financial stabi

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