A two-pillar strategy for macroprudential policy

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The global financial crisis has highlighted the need to manage the stability of the financial system as a whole. Around the world, macroprudential policy mandates are being introduced to do this. The aim of this article is to add an operational dimension by developing a coherent framework for making macroprudential policy. In doing this, we place macroprudential policy within the overall policy framework for the monetary and financial system. In that way, the interrelations between the different

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