The key challenge is therefore to understand whether monetary policy can or should be more proactive and “lean against the wind” also in periods of growing financial imbalances in a preemptive manner, even in the absence of immediate threats to price stability. This is an open issue on which opinions diverge. I will limit myself to the following observations.
Developments such as risk management, corporate governance and social responsibility, all of which shape the way the financial system works on a day to day basis. BIS Review 111/2008  1  “Our blindness with respect to randomness”, as skilfully narrated by Taleb in his Black Swan, clearly underlines this point.