 So one of the big questions after the global financial crisis was how effective macro financial policy is, how it may interact with monetary policy and how they both affect financial stability. So about three years ago at the ECB we launched a big project to study these topics and in particular we wanted to shed more light on the trade-offs that these policies were facing. We noticed in particular that there was a lot of emphasis on establishing an objective for macro financial policy but the analysis was relatively scarce about the potential cost and the trade-offs involved between keeping the risk of the financial system low and supporting economic growth. And we wanted to put more emphasis on these topics and this is why we started this research. We can say that there is now overwhelming evidence that if monetary policy does not take into account financial stability consideration when making decision it's missing something very very important. Also both macro financial policy and monetary policy face important trade-off. So when we think about monetary policy monetary policy faces a trade-off between supporting financial intermediation capacity of the financial sector something that is essential for the economy and possibly increasing the risk of the same financial sector. So we know that monetary policy affect bank risk-taking for example and we also know that what we call more accommodative monetary policy can actually induce more risk among financial intermediaries. Therefore monetary policy affect not only the quantity of credit that is granted in the economy but actually also its quality. And also macro financial policy faces important trade-off. So it has always to strike a balance between possibly deeper recession due to financial crisis and longer term benefit supporting economic growth. Both macro financial measures and monetary policy measures work through the financial system therefore there are important interactions between these measures. At the same time we should keep in mind that macro financial measures are more targeted and represent the first line of defence to limit the risk building up in the financial system. We should also keep in mind however that when we want to activate macro financial policy we may face obstacles and we may face implementation loss. There are also important limitations for this macro financial measure. Geographical implementation for example they may be activated only at the national level and also limitation in scope they may be targeted only to a sub-sample of financial intermediaries. So overall it is very important that we reduce as much as possible the limitation to the implementation of macro financial policy and at the same time it's also important that when this limitation exists monetary policy takes them into account when taking decision.