To take care of the developments in the banking system, such as the one I have mentioned, the methodology provides for periodic review every three years. However, having a metric that computes systemiticity as an absolute measure would be much better and is an area that needs further research. The role of monetary policy in dealing with asset bubbles is another actively debated issue.
Earlier the prevailing notion was that monetary policy neither had the mandate nor the ability to contain asset bubbles. All that it was expected to do was to mop up the debris after the bubble burst.