Some proponents of a larger monetary policy response to financial stability concerns might argue that these perceived hurdles have been overblown and that financial  monetary policy and financial vulnerabilities, see Oliver de Groot (2014), “The Risk Channel of Monetary Policy (PDF)”, International Journal of Central Banking, vol. 10 (June), pp. 115–60.
5  This evidence and experience suggest that a reliance on monetary policy as a primary tool to address the broad range of vulnerabilities that emerged in the mid-2000s would have had uncertain and limited effects on risks to financial stability. Such uncertainty does not imply that a modestly tighter monetary policy may not have been marginally helpful.