ABSTRACT
The objectives of macroprudential policies, the indicators likely to trigger them, the main instruments used and their limits and the questions related to their implementation are presented successively. Borio nevertheless considers that a final objective of resilience of the financial system is more realistic than seeking to control the financial cycle. After a review of the main principles of stress tests, the strengths and weaknesses of these tools are presented. Greenlaw et al. underscore that stress tests must be above all macroprudential, which implies that they must be severe, with the aim of preventing banks from being an additional channel of financial instability. With regard to the role of the communication of stress tests for macroprudential purposes, the May 2009 Supervisory Capital Assessment Program exercise in the US has, in the view of most observers, effectively reduced tensions and facilitated the recapitalization of banks. .
