The final impediment to the use of monetary policy for macroprudential purposes, technical difficulties having to do with a focus on asset prices, will only be removed when these narrow questions are put into a broader conceptual framework for evaluating macroprudential concerns. For some, this will require a paradigm shift which will not be easily achieved.
If one believes that financial imbalances are truly dangerous, this must be considered an unfortunate constraint on policy. In contrast, for those that do not believe in such dangers, the fact that monetary policy will continue along the same successful path it has followed for over a decade will seem fully satisfactory.