Financial stability means a state, in which a financial company, financial market, and financial infrastructure forming the financial system are stably maintained. Since the global financial crisis, the importance of financial stability has been emphasized, which is because the financial crisis greatly caused not only insolvency of the financial markets and financial companies but it also affected the real finance sectors such as the decline in economic growth rate and unemployment rise, etc. Accordingly, financial circles’ concern for a macroprudential policy for financial stability is gradually increasing. Such a macroprudential policy has a high interrelationship with the microprudential policy performed by the financial authority, or the monetary policy of the central bank, so an effective policy-decision for financial stability is very crucial. However, at present, Korea is in the situation where the limitations of an effective crisis response, and a problem of a non-transparent policy-decision have been repetitiously pointed out as the Ministry of Strategy and Finance, Financial Services Commission, Bank of Korea, and Deposit Insurance Corporation, etc. have carried out macroprudential policy service respectively according to individual laws. Therefore, it’s necessary to set up a macroprudential policy consultative body based on law so that the policy related to financial stability could be more effectively executed. It’s because the governance structure system is an essential element above all things which makes it possible for the policy authority to respond at the right time for the purpose of financial stability. Also, it’s important to specify the clear authority and responsibility together with the coordination function of a macroprudential policy concomitant to the establishment of a macroprudential policy council. In addition, it’s necessary to re-adjust the business and function between financial supervisory authorities while constructing the cooperation system between related institutions in order for the government policy for financial stability to be effectively performed. As for the domestic financial supervision system, actually, the function of the Bank of Korea and Deposit Insurance Corporation as crisis supervisors is restricted as the financial regulatory authority. Along with this, arranging an effective policy means is also a very important task for improvement of the macroprudential policy operating system for financial stability; further, it’s necessary to strengthen the policy means which can respond to new financial instability while reinforcing the connectivity between macroeconomic policies performed by the relative institutions.