9  See Per Jansson (2013), “How Do We Stop the Trend in Household Debt? Work on Several Fronts”, speech delivered at the SvD Bank Summit, Berns Salonger, Stockholm, December 3, p. 2. 4  BIS central bankers’ speeches  stability concerns should be elevated significantly in monetary policy discussions.
A more balanced assessment, in my view, would be that increased focus on financial stability risks is appropriate in monetary policy discussions, but the potential cost, in terms of diminished macroeconomic performance, is likely to be too great to give financial stability risks a central role in monetary policy decisions, at least most of the time.