1 Liabilities began to  1  The balance sheet had been steady at around 5 percent of GDP since about 1980, as currency slowly grew as a share of GDP, but the increase was offset by a decline in reserves. -3grow sharply at the end of 2008 and continued to increase until the end of 2014.
Compared with financial stability tools that address liquidity or other strains in targeted individual institutions or segments of the financial system, monetary policy affects everyone and every part of the economy and would be a blunt and less effective tool to address financial stability problems.