Other policy areas have to be right – and then the innovators and their backers have to be willing take the necessary risk. As for things that monetary policy should try to avoid, we are also cognisant of the fact that monetary policy does work initially by affecting financial risk-taking behaviour.
There are very good papers in this workshop on global fund flows and emerging markets, on the currency structure of corporate debt, on exchange rates, and on the effects of foreign monetary policy on inflation in emerging countries. It might be interesting to see these issues through the lens of monetary policy normalisation as well.