And one thing should be clear to us: the longer we stay in ultra-accommodative monetary policy mode, the more its positive effects will 8/9  BIS central bankers' speeches  diminish and the more visible its undesired side-effects will become. And those don’t just include the risk of unsound public finances – low interest rates also pose a risk to financial stability.
The crisis made it crystal clear that bouts of financial market turbulence can also have a detrimental impact on price stability. That’s why it would be wrong of us to disregard such risks.