In fact, the debate about the dominant monetary policy regime – Flexible Inflation Targeting (FIT) – started immediately after the emergence of the crisis. There were doubts about whether the narrow objective of monetary policy had allowed the crisis to develop by not reacting to the signs of financial instability and asset price booms.
The question about the integration of financial stability concerns into the objective function of monetary policy has stayed with us, in spite of the fragile consensus that such concerns should be the purview of macroprudential policy.