Alexandre Tombini, governor of the Central Bank of Brazil, has said central banks still have a lot to learn about the use of macro-prudential policies, creating threats to credibility in the short term.

Addressing a summit for central banks on the topic of inflation targeting, Tombini said emerging markets had demonstrated a "pragmatic" separation between monetary and macro-prudential policies in the post-crisis world.

"This pragmatic policy mix might be effective, but is not without costs