Second, I shared some of the key questions we are working on relating to the rise of large technology firms in the financial sector and decentralized financial technologies, the growing importance of the nonbank financial sector, and our burgeoning efforts to look at how well we have addressed too big to fail, the signature issue of the recent financial crisis.
Under such circumstances, a tighter monetary policy stance was justifiable or appropriate. It is also important to note that recent central bank interventions have not always been about stimulating growth directly through low interest rates.