Macroprudential policy emerged from the recognition that individually rational actions can destabilise the financial system when taken collectively. This system-wide perspective is increasingly important as risks migrate beyond the traditional banking sector, as illustrated by three recent developments. First, the artificial intelligence boom is financed increasingly through concentrated and opaque structures. Second, non-bank finance and offshore activities create further vulnerabilities via cross-border interconnections. Third, common technological dependencies can turn cyber incidents into system-wide disruptions. Policymakers should monitor emerging risks posed by sectors that may operate outside the traditional regulatory perimeter, to strengthen resilience without curbing innovation or market-based finance.
