In the remainder of this talk, I will focus on four of them. First, its objectives: should monetary policy continue to focus on price stability? Second, its effectiveness: does it have sufficient tools to fight deflation or lowflation? Third, its interaction with financial stability: should exceptional monetary expansions be avoided, so as not to trigger excessive risk-taking?
The policy recommendations from such a study would be very useful to strengthening financial stability across the region and enhancing crisis management frameworks. BIS central bankers’ speeches  1  Small states: debt and financing challenges Madame Lagarde, in the coming year, we need to move from diagnosis to action.