José Manuel González-Páramo, a member of the executive board of the European Central Bank, on Wednesday discussed some of the challenges posed by the implementation of macroprudential policies following recent reforms to introduce more effective oversight at central banks.

At a conference in La Paz, Bolivia, González-Páramo said: "Being a new policy area, progress needs to be made on a number of fronts before the implementation of macroprudential policy can take place in earnest, at the national