Further, the postcrisis recognition of systemic risk, based on inter-connectedness, makes the case for co-ordination on risk management, with clearly defined roles for different agencies.
Third, while addressing external stability in general terms seems to be becoming an acceptable component of a broadened central bank mandate, the nature of the response will depend significantly on both the state of the domestic economy and global conditions. Also, short-term objectives may be in conflict with long-term ones, requiring some prioritization.