Introduction: Systemic risk and macro/micro prudential policies.

Summary The global crisis that began in 2007 demonstrated the need to renew the then essentially microprudential regulatory framework by adding a macroprudential dimension. The objective is to correct several market failures which mean that the risk of the financial system is not only the aggregation of the individual risks of its institutions. Risk in the financial system is also systemic in the sense that it also depends on the complex interdependencies and interactions among its components. Our introduction to this issue briefly reviews the state of knowledge and debate on systemic risk measurement and macroprudential policy.