I have described how the crisis has reaffirmed the need for an enhanced macro-prudential approach to regulation and supervision. It also emphasised how important it is to improve our knowledge of the interactions between financial and monetary stability policies. Faced with these challenges, policy-makers are taking less travelled, less explored roads.
Additional work is needed to pave these new paths so that they can stand the test of time, like the Roman roads have done. But the past has shown that a return to the roads taken before the crisis is not an option. Pursuing in isolation policies aimed at financial and price stability may lead to conflicting paths.