16  The Counterparty Risk Management Policy Group has urged market participants to establish margin requirements and initial margins that are stable over the cycle. CRMPG, "Containing Systemic Risk: The Road to Reform" (Report of the CRMPG-III 6 August 2008).
And, indeed, I concur with those who argue that conducting monetary policy over time so as to achieve stable prices and sustainable economic growth is the single most important contribution that central banks can make in promoting financial stability.