The G20, along with international financial institutions including the IMF, the FSB and the BCBS, have devoted much effort to tackling these problems. For their part central banks, in conducting monetary policy, need to consider these problems so as to prevent crises.
First of all, we should seek to find the desirable role of the central bank within a macroprudential policy framework that ensures overall economic and financial stability. The crisis has taught us that, even under low and stable inflation, financial sector imbalances can accumulate through a rapid expansion of credit and sharp run-ups in asset prices, and that these can trigger crises.