4  BIS Review 61/2008  Some policies to address the risks to financial stability from asset price bubbles could be made a standard part of the regulatory system and would be operational at all times – whether a bubble was in progress or not.
However, because specific or new types of market failures might be driving a particular asset price bubble, some future bubbles will almost certainly create unanticipated difficulties, and, as a result, adjustments to our policy stance to limit the market failure contributing to a bubble could be very beneficial if identified and implemented at the appropriate time.