On the other hand, the rise in the price of oil has caused a change in relative prices that should bring about a reduction in oil consumption and the use of alternative sources of energy. National governments should not discourage such a process. One important question is whether the present low volatility will reinforce or undermine financial stability.
It would clearly be presumptuous to assert that by addressing these and other issues to be identified in due course, we shall avoid crises in the future, or handle more smoothly those that do occur. It would be equally hazardous to expect that there are ready and easy answers in several of these areas.