How best to implement this balanced approach requires judgment and may well differ across policymakers who may have different models of the economy even as they work to promote the same long-term goals for monetary policy.
The subject of this conference – “Operationalising tools for Macro-financial surveillance” is indeed very topical. Across the globe, in the wake of the financial crisis, efforts are underway to alter institutional arrangements to explicitly pursue financial stability as a policy objective and to put in place a framework for the macro-financial surveillance of the financial system.