In this text from April 2016 I enumerated some basic principles of macroprudential policy, a much needed new dimension of regulatory policy to improve the financial sector resilience and smooth the financial cycle. I address some methodological problems. I point to some early contributions to what is now know as GDP-at-Risk analysis later developed by the IMF. It also originated the introduction of two new financial stress indicators by the ECB (see the May 2018 issue of the FSR). The financial stability risk index (FSRI) predicts the near-term recessionary effects of
financial stress, while the cyclical systemic risk indicator (CSRI) anticipates the
medium-term consequences of financial instability

A text for an international conference in Milan, September 2018. The background is the concern about the potential fragmentation of the multilateral system of international governance that has been built up after 1945. In the financial regulation domain these fears have not yet materiliased. Further regulation has stopped though. Summing up, progress was made in stepping up regulation to make the system safer but, despite the big financial crisis, no deep structural change was introduced to properly tame finance and debt, making the system prone to new crises.

A text from May 2018 at the ECB and its Watchers Annual Meeting. I address the issue of monetary policy not being suitable to address serious financial stability concerns and why macroprudential tools are essential for that purpose. Following Lars Svensson methodology, the text shows an empirical application to the euro area, illustrating the costs of using monetary policy for financial stability purposes. Only in extreme circumstances should monetary policy be used to contain financial instability concerns.

In this text from November 2017, I make an assessment of the different aspects of the regulatory reform introduced after the crisis. I point to to the need to avoid thinking that more finance is always good for growth, that Fintech does not change the fundamental justifications for financial regulation. I finally address the remaining points of needed financial regulation.

An intervention at LSE, London, October 2015, where I laid out my views on Macroprudential Stress Testing, a concept of encompassing banks stress tests with dynamic balance-sheets and feedback interaction with the macroeconomy. This concept was later implemented at the ECB in a modular framework called STAMP€ (see https://www.ecb.europa.eu/pub/conferences/shared/pdf/20170511_2nd_mp_policy/DeesHenryMartin-Stampe-Stress-Test_Analytics_for_Macroprudential_Purposes_in_the_euro_area.en.pdf ) . This macroprudential stress testing framework has been used for regular top-down stress testing exercises.