In dealing with this latter trade-off, central bankers should be risk-averse with regard to their primary objective, as the loss of inflation fighting credibility may weigh heavily. But reputation is also at stake, if a central bank is perceived as having underestimated or even neglected the issue of financial instability.
Thus the final conclusion is that there is no easy choice, which is not a surprising result in a complex world. BIS Review 16/2003  7