This view, which is certainly basically valid from a long term perspective, is nevertheless not incompatible with the possibility that a short term trade-off may exist between monetary and financial stability.
That may be the case in particular in periods of transition after a long period of disinflation or when monetary policy starts to change the interest rate cycle after a long period of low rates. The second view providing a broad explanation for the recent instability of asset price has been put forward by Raghuram Rajan (2005), 23 in a recent noted paper.