The “cross-border community” includes mega firms that produce goods and deliver financial services on a worldwide scale, and associations of accountants, lawyers, bankers, securities dealers, insurance underwriters and various kinds of financial regulators as well as general international financial institutions (the IMF and the World Bank) and more specialized ones such as the Bank for International Settlements, and the regional development banks -- to mention only a few of the more obvious members of a burgeoning species.
So it is far better to try to prevent the financial instability emerging in the first place by performing a monetary policy which aims at stability and orderly market conditions. ... and why it is becoming harder to achieve Financial stability has therefore always been important. But achieving financial stability is arguably harder now in open financial markets than it ever has been.