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This paper sheds some light on situations in which monetary and macroprudential policies may interact(and potentially get into conflict) and contributes to the discussion about the coordination of those poli-cies. Using data for the Czech Republic and five euro area countries we show that monetary tighteninghas a negative impact on the credit-to-GDP ratio and the non-risk-weighted bank capital ratio (i.e. apositive impact on bank leverage), while these effects have strengthened considerably since mid-2011.This supports the view that accommodative monetary policy contributes to a build-up of financial vul-nerabilities, i.e. it boosts the credit cycle. On the other hand, the effect of the higher bank capital ratio isassociated with some degree of uncertainty. For these and other reasons, coordination of the two policiesis necessary to avoid an undesirable policy mix preventing effective achievement of the main objectivesin the two policy areas.