BIS Review 129/2008  5  This, however, does not mean that monetary policy should downgrade the price stability objective for the sake of other objectives.
Rather, it means that central banks should take a longer-term perspective which takes into account the future inflationary consequences of such unfavourable developments.” 8 IV  Challenges for the stabilisation of the financial system: refining and implementing the Basel II framework, addressing procyclicality, and strenghtening the institutional setup of supervision 9  The last part of our journey brings us right up to the present day, where we are facing a financial crisis of historic dimensions.