The crisis has also taught us that price stability alone is not enough to ensure financial stability. And that adopting a micro-prudential perspective does not suffice either. We know that the key factors in the crisis were the links between various financial players, and the links between financial institutions and sovereigns.
And so we are aware of the need to also have a macro-prudential perspective as well. This perspective places the financial system as a whole, including its pro-cyclicality, under constant scrutiny. Unfortunately, this scrutiny was clearly lacking in the pre-crisis framework. There is also some acceptance of a key role for central banks here, given that monetary and macro-prudential policies are very much interdependent.