40 On MAS’ end, we will continue our financial education efforts as an integral part of our regulatory and supervisory work. These will encompass heightened surveillance, investigation and enforcement actions with other authorities. 41 It leaves me to reiterate that investors should always seek to understand the issuer and product before investing in them. Remember to “Ask. Check. Confirm”. There will be a short halfminute video on this at the end of my remarks. Do also visit the pop-up exhibition booth outside the theatre to learn more about the resources available to help you. 42 Thank you for your attention. 5/5  BIS central bankers' speeches
Before the crisis, when talking about the policy mix anyone would think of the coordination between monetary and fiscal policies. Afterwards, when financial instability has undermined macroeconomic stability, despite low and stable inflation, it became obvious that additional tools are needed in complementing monetary policy in countercyclical management. As macro-prudential tools emerged as the most important candidates, it makes sense to assign the objective of financial stability to the central bank, if the central bank is given control of the supervisory and regulatory instrument. 2  BIS central bankers’ speeches  In the recent period some economists have asserted that central banks tend to fuel speculative bubbles by keeping monetary policy rates too low. This behaviour can create incentives for banks to overleverage or reduce efforts in screening borrowers, or can lead other economic agents to seek more risks in order to yield higher returns. The effects are likely to be worse if monetary policy is too accommodative for too long during expansions. This led to the conclusion that other instruments, which can directly affect leverage or risk taking, are required. Because the cost of cleaning up after an asset-price bubble burst can be very high, as proved by the recent financial crisis, early interventions by the central bank might be needed when a severe bubble is identified. In this context, macro-prudential instruments are the best option, without excluding de plano the recourse to monetary policy instruments.