Abstract: the financial crisis has a profound influence on the global economy, let the world monetary authorities have to review the global financial regulatory system, began to focus on building "monetary policy and macro-prudential policy" combining the "double pillar" policy framework, the implementation of monetary policy based on financial stability and macro-prudential "two-pronged" policy mechanism."Financial stability" should be included in the target system of monetary policy. Many scholars believe that monetary policy should not be directly used as a policy tool to maintain the stability of the financial system, and the monetary policy under the traditional macro-control framework should be organically combined with macro-prudential supervision to achieve mutual promotion. For China, the monetary authorities should fully realize the urgency of the implementation of macro-prudential policy under the current macro-financial situation, and accelerate the exploration and construction of the "double-pillar" policy framework system of "monetary policy + macro-prudential policy".

Key words: Financial stability; macro-prudential policy; monetary policy; and the "two-pillar" policy framework