Macro-prudential policies became ‘de rigeur’ in the aftermath of the global financial crisis. Policy-makers and economists appeared to put their faith in something akin to the Genesis parable about ‘seven good years being followed by seven bad years’. During the good years, policy-makers should strengthen the financial system, most notably by building counter-cyclical buffers, as well as trying to limit growth in the financial system to avoid too many excesses. Then, during the bad years, policy