The second perspective assesses the risks considered most relevant to the conduct of monetary policy, including risks that have a longer time horizon than the first perspective. In line with this second perspective, the Bank examines the accumulation of financial imbalances as one of the risk factors with a longer-term horizon.
The Bank’s emphasis on the risk of financial imbalances can also be found in the policy commitment made in October last year in the context of the comprehensive monetary easing framework.