In contrast to the pre-crisis consensus, some have therefore argued that financial stability should be adopted as a monetary policy objective on a par with, or even ahead of, price stability. However, such a dual mandate creates difficult trade-offs, especially as financial stability is a much more complex concept than price stability and hard to operationalise.
What we need is a moderate  BIS Review 9/2004  3  wage policy which has a steadying effect (ie stabilises expectations), one which gauges the scope for real income distribution conservatively and does not fully exhaust it.