But it has shown that short-term interactions may be very complex and conflicts cannot be excluded. It has become clearer than it was before the crisis that price and financial stability are directly and strongly interconnected, that risks to any of these two objectives can quickly spread to the other, create dangerous loops and quickly undermine trust in financial markets.
This certainly implies that the instruments of monetary policy are not neutral with respect to financial stability. It also calls to address the latter with specific policy tools.