It also creates the possibility of conflict between monetary and macroprudential policy. BIS central bankers’ speeches  5  The alternative view, and one that appears to be evolving into the current “wisdom” or “best practice”, is that the crisis did not represent a failure of monetary policy, but rather a failure of regulation, both at the micro and macroprudential levels.
Furthermore, the interest rate is a blunt instrument to deal with financial crises, and the collateral damage of excessively high interest rates could be quite high. According to this view, monetary policy and macroprudential policies have different objectives and therefore require different tools and different committees.