The implication is clear: Central banks should focus on developing more effective macro-prudential instruments. They should widen the regulatory perimeter – that is, they should work to bring nonbank financial institutions under their regulatory umbrella.
其中的含义是明确的：央行应该专注于开发更有效的宏观审慎工具。它们应该扩大监管视野——即应该让非银行金融部门也归入它们的监管范围。它们应该先发制人地使用由此产生的工具和权力。它们还应该将调整货币政策以纠正潜在金融风险作为最后手段，而不是第一道防线。