The framework underpinning the FSC will need to be clarified and fine-tuned as processes
and procedures crystallise and as more experience is gathered. The FSC will need to
promptly develop a macroprudential strategy (as called for by the ESRB’s April 2013
recommendation) and operationalise it.
Work by the FSC on the strategy is already
underway, covering issues such as intermediate objectives, relevant tools, when to issue a
warning rather than a recommendation (or vice versa), whether to publish it, and the extent to
which decision-making on macroprudential policies should be rules-based. It is important for
this strategy to be comprehensive and to provide a roadmap that addresses aspects of the
FSC’s institutional design that remain unclear. These aspects, which are described below,
relate to the scope of coverage; deliberations and decision-making; warnings and
recommendations; macroprudential tools; and communication.