Let me attempt some specific takeaways from this symposium: First, irrespective of the nature of the mandate – i.e. whether explicit or implicit – central banks will have to assume greater responsibility for financial stability, which in turn may mean multiple and not single objective to conduct of monetary policy.
Second, crisis prevention frameworks need to be strengthened in every country, but the approach to be adopted requires debate, consultations and coordination. Third, given the level of economic development in the region, the usual suspects that could trigger a financial crisis must be avoided.