i would have a more encompassing perspective : macroprudential policy is a complement to monetary policy both today and in the future : by contributing addressing financial buoyancy, it enables monetary policy to be relatively more accommodative today – but the preventive reach of macroprudential policy should not be overestimated, especially while macroprudential authorities are still relatively young and the policy toolkit less sophisticated than that of other policies ; more significantly, by building up ( macro ) prudential room for manoeuvre ahead of the next storm, it also helps restoring monetary room for manoeuvre to address adverse developments. * * * to conclude, i hope i convey the obviousness and urgency of the case for macroprudential policy in the current circumstances. but as i said, it is one part of the answer to address the clouds looming on the horizon. over the past ten years, we have ensured that the financial system has a stronger capacity to withstand shocks. but we need to develop it further : through achieving the implementation of post crisis regulations and deploy international standards as agreed. this also includes evaluating the effectiveness of these new regulations and possibly adjusting some of them. but evaluating is not a catch word for deregulating ; through maintaining a supervisory steady hand. in europe, this would include delivering on the npl action plan, overseeing the implementation of robust lending standards, etc. ; through developing macroprudential policies ; and through relentlessly filling the knowledge gap, to seize, understand and address the risks from market developments ( e. g. leverage finance ), cyber - risks, new systemic players ( e. g. big tech as systemic solution providers or alternative suppliers of or hub to financial services ). 4 / 4 bis central bankers'speeches

in the gfsr [ slide ]. on both sides of the atlantic, we should pay greater attention to non - banks and leveraged debt, and not be shy of activating macroprudential tools, and go beyond the old “ separation principle ” between monetary policy and financial stability : i advocate a smarter coordination1. 2 / furthermore, the euro area has an abundant resource at its disposal : a savings surplus towards investment of more than 300 billion euros. the top priority on the european growth agenda should be a union for savings and sustainable investment to achieve two major objectives, as proposed by the “ next cmu report ” published last week by the ecofin council : ( i ) offering saving products to serve citizens ’ needs and allocating capital to value creating 2 / 3 bis central bankers'speeches investments in the real, innovating and sustainable economy ; ( ii ) building / strengthening an integrated, competitive, deep and liquid european capital market, to maintain the eu as one of the top 2 financial centres of the world [ slide ]. to achieve this, it is now high time to give the banking union and the capital markets union a significant push forward, let us at last, walk our talk! * * to conclude, let me quote one of the founding fathers of the united states, benjamin franklin : “ we must, indeed, all hang together or, most assuredly, we shall all hang separately. ” hanging together is exactly what we should aim for within europe – to build a more integrated union – and outside europe – to work on a renewed multilateralism. 1 cf. speech at the paris school of economics, 24 september 2019. 3 / 3 bis central bankers'speeches