Others argue that the crisis has forcefully demonstrated that our initial model, with its clear separation of monetary and financial stability policies, has not delivered on its promises and should be fundamentally reconsidered. Eventually, the most probable outcome is that some, but not all, recent innovations will be part of the future monetary policy framework.
One innovation that will survive is the integration of prudential policy tools. The recent crisis has highlighted that financial sector stability is a necessary precondition for macroeconomic stability and vice versa. Micro- and macroprudential policy tools that seek to guarantee a strong financial system thus interact with monetary policy tools that seek to stabilize the macro economy.