Monetary policy will continue to evolve, new challenges will arise, and many questions still need to be answered. 2/9  BIS central bankers' speeches  I will discuss three of these questions now: First, does monetary policy need to refine its targets and update its toolbox? Second, how should it treat financial stability?
And third, what is the relationship between monetary policy and the distribution of wealth and income? Tools and targets As we know, when the crisis hit in 2008, central banks around the world had to rethink their approach in more ways than one. And they are still doing so. What will monetary policy look like in the years to come?