In 2010 there was a consensus that building the intellectual foundations of a fit for purpose financial stability policy regime was a top priority. A decade on and unfortunately the term macroprudential has retreated back to the periphery of the policy debate.
Part of the problem we think is that the various contributions from the relatively small number of academics, market practitioners and informed commentators who are still working in this area are spread too thinly through time and across numerous conferences, papers and websites to be able to generate and maintain any momentum.
Our modest suggestion to improve this situation is to create a website where we could publish opinion pieces written by experts on various aspects of this debate – concerning either the stability of financial institutions and markets and the provision of core financial services, or the optimal design of the policy framework designed to stabilise that system or the appropriate conduct of policy. If we can identify a group of say 20 people who would be willing to contribute one or two 1,000-2,000 word pieces each year on relevant topics then we would be able to publish a couple of pieces each month and thereby regain that lost momentum in serious commentary on this topic. At our most optimistic we think we might be able to create a permanent home for the debate of macroprudential policy.