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The Basel Committee on Banking Supervision has initiated discussions on incorporating macroprudential policy into the financial stability toolkit. This has led to the creation of the European Systemic Risk Board (ESRB) and numerous initiatives to produce macroprudential regulations. The Czech Republic's financial stability concept, which has been applied since 2004, is a starting point for developing macroprudential policy. The macroprudential policy aims to prevent systemic risk from forming and spreading in the financial system, reducing the probability of financial crises with large real output losses for the entire economy. The Czech Republic is advised to prefer a relatively narrow macroprudential policy concept focused primarily on risks associated with the financial cycle and the cross-sectional dimension. A sophisticated operational framework linking individual dimensions and development phases of systemic risk with relevant indicators and instruments is essential for efficient and effective implementation of macroprudential policy.