These principles, notably the second principle, seem to be different from the exchange rate targeting proposal. Prof. McCallum (2007) regards the separation by government of exchange rate policy and monetary policy as an anachronism, because of the linkage of exchange rate and interest rates within the general equilibrium framework. BIS Review 96/2007  5  17.
Second, we should put emphasis on the need to deal with the euphoria brought about by higher expected growth and the sharp drop in "finance premium" during the bubble period. The increasing collateral value compressed the finance premium for real estate and corporate borrowing.