International Monetary Fund deputy managing director, Min Zhu, gave a speech on March 1 at the opening of the high-level conference on macro-prudential policies to achieve financial stability in Punta del Este, Uruguay.

"The global outlook raises important questions about how to design financial stability institutions and how to implement macro-prudential policies in a credible way throughout the cycle," he said.

"In our view, macro-prudential policy must deploy a wide range of tools; a single