That is not to say that such an approach would eliminate financial cycles altogether. However, in the medium to long term, a monetary policy that followed a more symmetric course would do more to dampen damaging financial cycles than a monetary  BIS Review 116/2008  3  policy that merely tries to limit damage after the event using aggressive interest rate measures.
There is still a lack of consensus on this issue but increasingly an opinion is gaining ground that monetary policy should complement the macro prudential policies for  BIS central bankers’ speeches  3  dampening the upswing by leaning against the wind.