While the basic way we look at financial stability has not changed, experience with the GFC reinforced the need to focus on system-wide issues. We need to spend time analysing them and thinking about whether policy responses might be required. We are still learning how best to do this.
1 Bloxham, P, C Kent and M Robson (2010), Asset Prices, Credit Growth, Monetary and Other Policies: An  Australian Case Study, RBA Research Discussion Paper No 2010–06. 2 Orsmond, D and F Price (2016), ‘Macroprudential Policy Frameworks and Tools’, RBA Bulletin, December, pp  75–86. 3 Ellis L (2012), ‘Macroprudential Policy: A Suite of Tools or a State of Mind?