In any case, the elusive search for anchors that could help to achieve both monetary and financial stability will continue, and monetary policy cannot ignore the problem.” (Constancio, 2002) 10  8  Claudio Borio and Philip Lowe (2002) “ Asset prices, Financial and Monetary stability, exploring the nexus” BIS working paper no 114  9  About this debate see the contributions of Andrew Crockett, Roger Ferguson and Otmar Issing in “ Monetary stability, financial stability and the business cycle: five views” BIS Papers no 18, 2003  10  Constancio, Vitor (2002) “Policies and institutions for global financial stability” in 8th International Financial and Economic Forum, Vienna November 2002  4  BIS Review 56/2006  The second broad view trying to provide a general explanation for the recent instability of asset price has been put forward by Raghuram Rajan (2005), 11 the IMF chief economist, in a recent noted paper.
International financial integration and the financial crisis Over the past decade or so, financial crises seem to have become more frequent and perhaps more disruptive than in the past. They also seem to propagate more rapidly.