This could be due to either a mismeasurement of slack (because of structural changes in the labour market) or the relationship between slack and inflation not being stable over time. At the same time, this effect could also result from discrete parallel shifts in the Phillips curve.
So although central banks don’t themselves have a broad set of instruments to mitigate financial vulnerabilities, they do have that system-wide view, which they can and do use to promote financial stability by making public their analyses of financial vulnerabilities and risks and making recommendations for preventive policy actions.