The central bank of central banks, the Bank for International Settlements (BIS), also warns that central bankers are repeating the mistakes of the start of this century when loose monetary policy contributed to a credit and housing boom which then collapsed and gave rise to the financial crisis.
5/6  BIS central bankers' speeches  It’s the BIS’s duty to issue warnings, and we take its advice seriously. Today, we monitor risks in the financial system in much more detail than before the crisis, as shown for example by our biannual Financial Stability Review. Second, we now have new tools under European law – particularly macroprudential instruments.