With regard to asset prices any central bank intervention would imply that the central bank has the ability to detect a bubble in real time. I myself have often made the argument that the central bank has 18 no comparative advantage over market participants to dare such a judgement. It follows that reacting to perceived financial imbalances could easily be misleading.
Introducing a voluntary selfcommitment might overcome banks’ qualms about embracing cultural change within their respective institutions. Still, Mark Carney is also right in saying: “This is a major opportunity for the industry to establish common standards of market practice. But if firms and their staff fail to take this opportunity, more restrictive regulation is inevitable.” 6. Conclusion  Ladies and gentlemen, let me conclude.