Fourth, in the matter of ensuring financial stability, the government must normally leave the responsibility to the regulators, assuming an activist role only in times of crisis. 8  BIS central bankers’ speeches  Question 3: does the pursuit of the new trilemma militate against growth? My short answer to this question is “no”. Let me elaborate.
It is possible that in the shortterm, policies aimed at price stability, financial stability and sovereign debt sustainability could, at times, run counter to policies required for promoting growth. But growth achieved at the cost of the objectives of the new trilemma cannot be sustained. What can be sustained is only growth that is consistent with these objectives.