This is probably a moment to recall the commitments we all made in the G20 meetings in Australia last year, as we agreed on the goal of an additional rise in global GDP of 2 per cent over five years. Those commitments were not actually about monetary policy; they were about other policies.
In that sense, it was crucial to assess and act against the risks to the financial system as a whole. However, such a macro-prudential perspective was not well established. Revisiting the philosophy behind policy I have examined the reasons why both monetary policy and regulatory and supervisory policy were not successful in putting on the brakes.