I am convinced that once the modified version of the Taylor rule is in place, it will provide the much-needed conceptually robust, and technically rigorous, analytics content to monetary policy making with a view to pre-emptively , pro-actively and decisively addressing potential asset bubbles.
To sum up, my message to this learned and discerning audience is that the build up of systemic financial risks needs to be pre-emptively, credibly and decisively addressed by deploying monetary policy tool based on the proposed modified version of the Taylor rule and counter-cyclical prudential regulatory measures.