A key lesson of the 2007 - 2009 global financial crisis (GFC) was the importance of containing systemic financial risk … and the need for a "macroprudential" approach to surveillance and regulation that can identify system-wide risks and take …, the consistency of a financial stability objective with the more traditional and well-established central bank objective …

. As lender of last resort, the central bank is given enormous power which is normally tempered by a variety of limits. In … the most recent crises in both the United States and euro area, the Federal Reserve and European Central Bank (ECB) have …

and the roles and complementary nature of macroprudential and monetary policies in addressing aggregate risk in the …