The core and strategic objective of macroprudential policy is to contribute to maintaining the stability of the financial system as a whole. This includes, in particular, strengthening the resilience of the financial system and reducing systemic risk, thereby ensuring the financial system’s sustainable contribution to economic growth. This core objective can be broken down into the following intermediate objectives:

• to mitigate and prevent excessive credit growth;
• to limit direct and indirect concentration risk;
• to mitigate and prevent market illiquidity and excessive maturity mismatches in bank balance sheets;
• to limit the systemic impact of misaligned incentives, with a view to reducing moral hazard;
• to strengthen the resilience of financial market infrastructure.