To be more specific, a more symmetric policy would also realise implicit risks in times when money and credit growth is dynamic, asset prices go up and risk perceptions decline, possibly creating the need to act despite sufficiently low current inflation rates. This, however, does not mean that monetary policy should downgrade the price stability objective for the sake of other objectives.
Rather, it means that central banks should take a longer-term perspective which takes into account the future inflationary consequences of such unfavourable developments. And indeed, empirical work pioneered by the BIS has found that excessive money and credit growth has significant leading indicator properties for sharp corrections on asset markets and severe repercussions on the rest of the economy.