I will come back to this point later. 2. How to respond to a malign bubble  Let me now turn to the second issue, which is how we should respond to a malign bubble. Fundamentally, we should distinguish two stages in the history of a malign bubble.
The first is the early or prevention stage of the bubble, while the second is the late or collapsing stage. When considering our response to the early or prevention stage of a bubble, a consensus seems to have emerged in favor of the so-called BIS view. First, use various macroprudential policies to rein in overly optimistic expectations in the market.