3 In the initial phase  1  Angus Maddison, Chinese Economic Performance in the Long Run, second edition, revised and updated 960–2030 AD, The Development Centre, OECD 2007. 2  “Asia accounted for over half of world output for 18 of the past 20 centuries.” The Economist, February 27, 2010, p. 72.
It is also important to bear in mind that although normally this will not be the first line of defense, there will probably be instances where monetary policy will need to respond directly to financial stability risks.