Les politiques macroprudentielles: Enjeux et défis

Since the global financial crisis, both advanced and emerging market economies have made progress in setting up macroprudential policy frameworks and implementing macroprudential measures. This article provides a summary of these measures and their effectiveness, and discusses a number of challenges ahead. In particular, this article focuses on two important challenges ahead for the effective implementation of macroprudential policies: (1) the interaction of monetary and macroprudential policies, and the resulting institutional and governance framework for macroprudential policy; and (2) the importance of international coordination of macroprudential policies. Both these issues are at the heart of the current academic and policy debate, and the main objective of this article is therefore to give an overview of the existing literature on these issues.