Such countercyclical capital requirements are likely to be added to the toolkit of macroprudential rules and policies, the use of which has risen as enthusiasm for light-touch financial supervision has faded. Those tools include caps, linked to borrowers’ characteristics, on loan-to-value ratios; direct limits on currency and maturity mismatches in financial institutions’ balance sheets; limits on their balance sheets’ interconnectedness; and minimum reserve requirements for specific financial instruments.