The importance of a stable and well-functioning financial system is also recognised in the PTA with its emphasis on the need to monitor asset prices and to have regard to the  2  BIS central bankers’ speeches  efficiency and soundness of the financial system.
Prior to the global financial crisis the debate in central banking circles had been how hard should monetary policy lean against asset bubbles in order to diminish the spill-over of “wealth effects” into excessive demand growth and inflation.