The concept of macroprudential regulation has been at the core of BIS thinking for three decades. BIS archivist Piet Clement believes that the term was first used internally in the late 1970s. He dates the first public use to a report published in 1986, where it is defined as a policy that promotes "the safety and soundness of the broad financial system and payments mechanism". Your research network's terms of reference clearly echo this definition, stating that the primary topic of study is "macro-ﬁnancial models linking ﬁnancial stability and the performance of the economy". In my remarks this morning, I will take a step back from the detailed work that is the core of the research network's mission, and ask the question that I believe to be at the heart of the challenge we face today: What financial regulatory structure will deliver the right balance between growth and stability?