Lord Turner, speaking to the CASS Business School, looked at what new macroprudential policy tools regulators need to manage potentially unstable cycles of credit and asset process. He looked at the role of credit in driving asset price cycles and warned of the need to distinguish between different types of credit as a "one-size-fits-all" approach would not be appropriate. He looked at various approaches to macroprudential tools and concluded a combination would probably be best. He referred to his comment last year about the "social usefulness" of some financial activities and said his only regret was that he had meant "economically useless".