In this sense, the IMF’s attempt to focus on the external effects of policies in major economies in the Spillover Reports launched in 2011 is a welcome step to promote understanding of this issue. Active discussions at the G20 meetings can also contribute to global awareness.
Though fulfilling its mandate is an important obligation for a central bank, each central bank increasingly pays attention to the possible trade-off between price stability and financial stability. This arises from the lesson of the global financial crisis, whereby relatively low policy rates in a low inflationary period can contribute to accumulating financial imbalances.