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This paper provides a critical summary of the main findings of recent literature reviews and empirical research carried out to evaluate the effectiveness of the applied policies that used macroprudential tools to target financial stability or have a vital effect on it. Since the main purpose here is to give recommendations regarding the effective use of macroprudential policy to foster economic growth and ensure financial stability. Accordingly, this research starts with the theoretical perspectives of macroprudential policy and financial stability, then it focuses on the goal for which macroprudential policies are designed, which is making financial crises less likely. Next, it turns to the differentiation of macroprudential policies from monetary policy. After that, the paper provides an analysis of the role and scope of macroprudential policy in promoting financial stability in practice, by exploring recent empirical literature on macroprudential policy versus monetary policy. It also discusses the causal nexus between price and financial stability, and the complementary nature of macroprudential and monetary policies in addressing aggregate risk in the financial system. Finally, it provides empirical evidence of the macroprudential policy's effectiveness in attaining financial stability and its impact on economic growth. One of the most important conclusions of the paper is that the Macroprudential policy, monetary and micro- prudential policies reinforce each other and can be seen as complementary policies. Macroprudential tools have proven effective in dampening booms and accumulating buffers that limit the impact of busts. However, there are some caveats to this positive assessment when such policies are used excessively, they cause distortions. however, they can be avoided through careful planning and international cooperation. But "One size does not fit all", So the design of the macroprudential policy framework for any country should consider its local characteristic
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