Beyond capital rules, however, monetary policy and financial supervision must cooperate very closely on liquidity management, particularly through credit mechanisms. Given modern financial systems’ demonstrated ability to create (and destroy) liquidity endogenously – via financial innovation and global mobility – financial and macroeconomic stability may become more difficult to achieve if monetary instruments and macroprudential tools are not used in a consistent manner.
然而在资本监管条例之外，货币政策和金融监管必须在流动性监管方面紧密合作，尤其是通过信用机制。考虑到现代金融系统人所共知的创造（或销毁）流动性的能力——通过金融创新和全球流动——如果不持续使用货币工具和宏观谨慎工具的话，金融和宏观经济的稳定将更难实现。事实上，政策的统一，而非分裂，似乎才是实现良好周期循环的关键。