-up of systemic risk can be driven strongly by macroeconomic imbalances—internal or external —and distortions that affect position of output. ? Where a consumption boom is fed by capital in flows in the presence of persistent current account deficits, macroprudential policies alone are unlikely to be effective at controlling these underlying forces and prudent fiscal and struct ural policies are needed to contain these imbalances. ? The crisis also showed that prudent fiscal polic ies are essential to maintain the safety of sovereign debt and to avoid adverse feedback loops between sovereign risk and the financial system. 10 Further discussion, evidence, and case studies are provided in IMF (2013b). 11 See further IMF 2013a, Blanchard and others (2013), and Stein (2013).
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