Economic and Financial Review


Central Bank of Nigeria


Financial System Regulation, Micro-Prudential Policy, Micro-Prudential Regulations, Global Financial Crisis


The aftermath of the 2007 global financial crisis marked a turning point in financial system regulation, generating a "renewed" interest among global regulators in the use of macroprudential policy to promote financial system stability. In this regard, the article discussed some shortcomings of traditional regulation and promoted the need for a broader and systemic approach to financial system stability using both traditional (micro-prudential) and non-traditional (macroprudential) policies. The paper further discussed the elements of macroprudential policy and tools used to mitigate risks and vulnerabilities in the financial system. A summary of the article is presented in section II and comments are highlighted in section Ill.

Author Bio

Phebian is a staff of the Research Department, Central Bank of Nigeria.

Publication Title

CBN Economic and Financial Review





Recommended Citation

Bewaji, Phebian N. (2013). Protecting the Whole: A Review. CBN Economic and Financial Review. 51(1), 121-129.

Included in

Economics Commons



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