It is no longer the case that monetary policy can be conducted in a vacuum, and there has to be a focus on financial stability issues. The challenge is to determine how best this is done.
One has to determine what central bank measures are and what are not, and ensure that the core responsibilities and independence of the central banks are not overwhelmed or compromised. Things will have to be done differently: central banks need to create better levels of knowledge and skill− perhaps also collect different data − or change the way in which they look at data.