The institutional setup in the euro area, with distinct roles assigned to monetary policy for the maintenance of price stability and to macroprudential policy for safeguarding financial stability, is well placed to achieve both of these objectives. In my remarks, I have shown that this is supported by the academic consensus and empirical evidence. In a monetary union with a single monetary policy, this set-up allows deploying targeted macroprudential policies wherever imbalances may be emerging. In general, in view of the present international situation that may trigger financial market turbulence with contagion for the euro area, there is no margin for complacency and inaction. In this perspective, the European legal macroprudential policy framework needs to be enhanced by introducing new instruments, including for non-banks, and by allowing Member States and the ECB more flexibility to activate those instruments. Apparently the forthcoming review of the CRD IV/CRR will not deliver the comprehensive reform of the macroprudential framework which would be important in order to continue safeguarding financial stability in the euro area