In the advanced economies at the core of the recent financial crisis, the rules, implicit or explicit, of strict inflation-targeting regimes led monetary authorities to stay put while a massive pyramid of debt was built on a base of overvalued collateral. Now financial risks are deemed to be sufficiently important for macroeconomic management to warrant regulatory arrangements going beyond that of the microprudential supervisor.
此外，系统性风险通常都是在不断上涨的资产价格脱离了宏观谨慎的监管范围时逐渐孕育的。在最近遭遇金融危机中的发达国家中，过度着眼于通货膨胀的监管条例（不管是清晰还是模糊的）都使得货币主管部门一方面看着基于估值过高的附属担保品的债务不断积累，另一方面却无动于衷。而如今人们对金融风险都有了足够重视，要求宏观经济管理的介入以提供那些超出微观谨慎监管者职能范围的监管安排。